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Inheritance Tax “Too Toxic” to Save According to Thinktank

A thinktank has proposed that inheritance tax should be scrapped after finding that opposition to the levy from across the political spectrum means it is simply “too toxic” to save.

The suggestions come from the Fabian Society said that the evidence they had collected following the General Election suggested that many voters, regardless of political allegiance were equally opposed to inheritance tax. Research shows that many of those questioned believed that such a tax was unfair and instead called for the current rules to be replaced by the levying of income tax on gifts and bequests.

General secretary of the Fabian Society, Andrew Harrop said that the results of an across the board opposition to inheritance tax were surprising. He said: “The public see the value of the tax system, and they want it to be fairer, simpler and more progressive.

“But some taxes are now beyond the pale, even for people who are supportive of progressive measures. Inheritance tax is seen as unfair and insensitive even by left-leaning voters, and has become too toxic to save.”

Harrop also added that he believed that levying income tax on those receiving inheritances would be a good alternative to inheritance tax. Currently under Government reforms pensions can be inherited but those benefiting have to pay income tax.

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Britons are set to waste £1.3 billion in inheritance tax

Recent research by Unbiased.co.uk has revealed that UK taxpayers will waste nearly £1.3 billion this year due to poor inheritance tax (IHT) planning. This tax wastage is only set to increase further in the future after the chancellor announced in 2010 that the threshold would remain frozen for four years at £325,000 rather than rising in line with inflation.

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