Posted: Apr 04, 2014 10:51 pm
Article is a bit misleading. The actual report is certainly worth a read. But yes, raising the threshold to a million significantly reduces the number of people paying (which is under 3% anyway) and the amounts that the remainder will pay. If they were to do that, they might as well scrap it, and replace it with something better. As the report says, a tax on all gifts received above a threshold (I'd say maybe match the income tax-free threshold annually?) would be both fairer and harder for the very wealthy to avoid.