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The time is now
Key points
- The first form of ‘inheritance tax’ on an individual’s estate dates back to 1694 with probate duty.
- Inheritance tax finds its direct modern origins as a progressive tax introduced during the First World War.
- A survey suggests that 49% of the public feels inheritance tax is an unfair tax.
- At its current 40% level inheritance tax substantially increases the tax burden on those for whom this charge was never intended.
- Some countries have abolished or never had inheritance tax. Significantly raising the threshold might be a good reform idea.
Few topics are as contentious as taxation with inheritance tax (IHT) arguably being the most disputed tax of all. For many commentators the UK’s IHT system is unfair out of date and over complicated. Changes over recent years have mostly been confined to process – such as reporting requirements digitalisation and administration –...
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