Comment on Scrapping inheritance tax would cost £15bn a year by 2032, says IFS
tkc@feddit.uk 9 months agoI think it only kicks in at 1 million anyway, and I wouldn’t disagree to it being raised to say 5 million, as it’s entirely possible from a regular person to get a well paying job, and have invested and saved their way to that figure by retirement.
But scrapping it entirely removes one of the only ways that we do tax billionaires. One of the last thing I’d want is billionaire generational wealth.
ChaoticEntropy@feddit.uk 9 months ago
It kicks in at £325,000, plus any additional adjustments.
tkc@feddit.uk 8 months ago
I really thought it was higher to be honest. That’s even worse. Fully support it being raised, but not removed.
ChaoticEntropy@feddit.uk 8 months ago
There are a bunch of adjustments, chief among them that if you inherit spouse to spouse then it isn’t taxed and if that spouse 1 passes away without using their inheritance tax amount then you get to use their inheritance tax amount too when you pass away, effectively doubling the limit. Among others.