TaxPersonal TaxInheritance tax hurting ‘hard working families’

Inheritance tax hurting ‘hard working families’

Shadow chancellor hits out as one third of households face IHT hit

Tory shadow chancellor George Osborne has hit out at the government’s
inheritance tax threshold as soaring house prices mean that one third of UK
households are now liable for the ‘stealth tax’.

Inheritance Tax is charged at 40% on any assets worth more than £275,000 left
after death, although the threshold will be raised to £300,000 by April 2007.

Osborne was reported in the Daily Express as saying: ‘Inheritance
Tax has become the latest stealth tax imposed on hard working families. Millions
of people who are not rich in anyone’s eyes are being drawn into the tax net due
to the way Gordon Brown has played stealthy tricks with Inheritance Tax
thresholds.’

More than eight million households now own property and other assets worth in
excess of the £275,000 threshold.

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter