A new report from the Institute of Economic Affairs has found the UK’s death tax rate is “far more punishing” than even the 40% headline figure appears. It is brutal for parents hoping to provide for their children…
The British tax code offers no lower rate or exemption for assets passed on to children, unlike most Western countries. In fact, the UK ranks fifth-harshest in the entire OECD for taxing parent-to-child inheritance, behind only the US, Japan, Korea and France. And the nil-rate band has been frozen at £325,000 since 2009…
Report author Rory Meakin said:
“Inheritance tax is arbitrary, complex, distortionary and drives away the entrepreneurs Britain needs. A good tax system would not have an inheritance tax and, ultimately, ours should be abolished. But even a hesitant government can reform the system now. Raising the threshold, cutting the rate, simplifying the gifting rules: any of these would be a meaningful step in the right direction.”
The IEA is calling for the abolition of the tax entirely. Which is ambitious given who currently runs Number 11, and has never met a tax hike she doesn’t like…
Read the full report below:
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