POLL OF THE DAY: Should inheritance tax be banned in Britain? YOUR VERDICT
Inheritance tax is often branded the 'most unfair tax'
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Inheritance tax is often regarded by Britons as the most unpopular tax in the UK with many people calling for it to be banned.
HM Revenue and Customs (HMRC) rakes in billions from an unpopular levy, leaving Pensioners to slam the “most unfair tax in Britain”.
A new survey has found a majority of high-earning Britons are in favour of cutting the rate of inheritance tax (IHT).
The levy is charged at 40 per cent on someone’s estate which is worth more than £325,000, including their money, possessions and property, once they pass away.
POLL OF THE DAY: Should inheritance tax be banned in Britain? YOUR VERDICT
GB NEWS
Figures from HMRC show that IHT receipts for April 2023 to March 2024 hit £7.5billion which represents a £400,000 annual rise.
Wealthier Britons are calling for an overhaul to inheritance tax, based on a new poll from wealth managers Saltus.
According to the fifth edition of the Saltus Wealth Index, Britons believe the levy is “unfair” in its current form.
This comes after the decision by Chancellor Jeremy Hunt to freeze the IHT rate until at least April 2026.
As such, many households are concerned about being pulled across the tax threshold due to the impact of fiscal drag.
The twice-yearly survey of 2,000 Brits with investable assets of over £250,000 found that just four per cent of respondents think the current rate of IHT is fair.
Some 90 per cent believe it should be halved to 20 per cent, while six per cent of those polled think the tax should be scrapped altogether.
Notably, 48 per cent of retired respondents consider inheritance tax to be “the most unfair tax in Britain”.
In an exclusive poll for GB News membership readers, an overwhelming majority (94 per cent) of the 886 voters thought inheritance tax should be banned in Britain, while just five per cent thought it shouldn't. One per cent said they did not know.