The UK’s tax rate is “way out of kilter” with the rest of Europe, according to the former adviser to the UK Secretary for International Trade, Shanker Singham.
Speaking on GB News to Andrew Pierce, Singham said “one of the problems” with inheritance tax is the high tax rate in Britain.
“If you look at a sample £3million estate in Ireland, about 26 per cent is the effective tax rate for inheritance tax and the UK is 25.8 per cent.
“Most of Europe is 14 per cent and the G7 is typically around 7-8 per cent. We’re way out of kilter.”
He added that the high tax rate is doing little to incentivise older people back into the workforce, something the Government is aiming to do.
“Telling them that they’re going to have to pay all this extra work if they continue to work into their 50s and 60s discourages them”, he said.
