Property News · September 28, 2023

Will ditching inheritance tax make British society a fairer place? | Letters


Richard Cooper, Miles Dean, Mike Holland and Timothy A Millea on the merits or otherwise of IHTScrapping inheritance tax sounds like a costly mistake, but it’s a noble idea (Scrapping inheritance tax would cost £15bn a year by 2032, says IFS, 27 September). If all personal income, including legacies and gifts, were taxed like wages, someone on an average income would pay the marginal rate, 20%, on a small legacy, but a company director on a salary of £150,000 would pay the top rate, 45%. Abolishing the £325,000 tax-free allowance and levying income tax on legacies instead would make up for the revenue lost from scrapping inheritance tax several times over.Perhaps we could consider equalising the tax taken from wages, pensions, dividends, capital gains and legacies. I can’t find a fag packet to do the calculation, but I reckon this might provide the missing £350m a week promised for the NHS.Richard CooperChichester, West Sussex Continue reading…

Source : theguardian.com
Read more…Will ditching inheritance tax make British society a fairer place? | Letters

You may also like...