Property News · September 8, 2015

Five common inheritance tax myths exploded


Progressive or punitive, inheritance tax divides opinions. Harvey Jones takes a look at a tax that is a political minefield and a moral mazeTo some, inheritance tax (IHT) is the most hated tax in Britain. To others, it is an engine of social fairness and wealth distribution. And to George Osborne it is a political weapon of astonishing power. The chancellor’s pledge in 2007 to raise the IHT threshold to £1m arguably changed recent political history by scaring the then prime minister Gordon Brown into postponing an election that Labour might have won. In his emergency budget in July 2015 Osborne finally delivered on that pledge, and made the tax even more complex in the process. IHT isn’t just politically controversial, it is also widely misunderstood and the subject of a number of myths. Here are five of the biggest. Continue reading…

Source : theguardian.com
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