Posted: Apr 04, 2014 9:42 pm
by Emmeline
The Conservative party would be better off scrapping inheritance tax altogether rather than increasing the threshold to £1m, the Institute for Fiscal Studies has suggested.

The thinktank said raising the threshold from its current level of £325,000 would mean only a small number of rich families would be obliged to pay the tax, raising very little revenue for the Treasury.

"In these circumstances more radical change should surely be considered. One option would be simply to abolish the tax," said the institute's Stuart Adam and Carl Emmerson in a report.

"It would simplify the tax system and get rid of an ineffective and unpopular tax which can be criticised in any case as a source of double taxation in cases where bequests are financed from earnings that have already been taxed." ... id-cameron