Inheritance tax must be abolished as readers slam Jeremy hunt’s ‘evil’ plan | Personal Finance | Finance

Inheritance Tax (IHT) is a 40 percent tax applied to any inherited assets from an individual worth more than £325,000 and over £650,000 from a couple. The threshold has remained unchanged for almost two decades and rising inflation and property prices mean many Britons have been affected by IHT. A new Express.co.uk poll has found a staggering 93 percent support the IHT allowance being increased.

Chancellor Jeremy Hunt froze the IHT allowance at the current rate until 2028, and as a result, HM Revenue and Customs (HMRC) raked in a record £6.4billion in IHT receipts in the year to February 2023. The Office for Budget Responsibility has forecast that the Treasury will receive almost £3billion more than previously predicted between now and 2027/28.

Shaun Moore, a tax and financial planning expert at Quilter, claimed many Britons are being caught out by IHT. He explained: “Given house prices are still yet to see the dramatic fall predicted, far more people who may not consider themselves wealthy could be caught by the IHT net as their property value has grown significantly in recent years. With more people facing an unwelcome – and in some cases unexpected – IHT bill, seeking professional financial advice where possible will be vital.”

READ MORE: Inheritance tax receipts skyrocket to record high

In a poll that ran from 1.30pm on Tuesday, March 21, to 4.30pm on Thursday, March 23, Express.co.uk asked readers: “Should the inheritance tax allowance be increased?”

Overall, 1,422 readers responded with the overwhelming majority, 93 percent (1,325 people) answering “yes” in favour of the IHT allowance being increased. Whereas seven percent (93 people) said “no” it should not, while just four people said they did not know either way.

Dozens of comments were left below the accompanying article as readers shared their thoughts on IHT.

Many readers thought that the threshold should be increased, with username paddyg leeds writing: “The IHT was designed to tax the rich but is now more commonplace as it also hits the working class.”

Another, username TheMadTrapper, commented: “Start point should be £50million.”

Yet the overwhelming argument was in favour of IHT being abolished. Username jessica2024 said: “I firmly believe there should be no inheritance tax at all.”

Likewise, username Thinking65 said: “Should be scrapped altogether. Why should I bother to keep my property maintained when the government is going to take the money when I die.”

Username HAL remarked: “Evil tax. why should the Government inherit anything from people who die?”

And username Sdemnips adde: “It’s an immoral tax anyway tantamount to robbing the dead.”