Truss considering abolishing inheritance tax

BOMAD-tastic. 

Wow! I'll abolish a tax that raises £6bn a year when this govt has gone from taking 5bn to 15bn in SDLT, £70bn more in each of income and NI, and doubled the take in VAT to £150bn in its tenure. 

fook off Tories. You refused to borrow at 1% and instead put all the burden on the middle class to get us through a global financial crisis. 

Nobody with a brain pays inheritance tax. They should have an expenditure tax in this country, as well as hypothecated health and pension taxes, and force any politician that wants money to raise the headline rate. 

I don't need a complete abolition but at least raise the allowance to a standard matching inflation.

She didnt say she would abolish iht she said she’d look at it. And ofc nothing has yet changed since the tax review on it under May.

It needs simplification, perhaps reduce it and do away with the loopholes.

Don't be facetious diceman. This isn't a policy aimed at the Duke of Westminster. 3.6% of deaths were liable to IHT, or under 25,000 and plenty of those would have been greedy or caught out by illness. 56% of the population, 31m, pay income tax. Also note that £4bn was dodged through Tories taking primary residences out of IHT up to £1m on top of no CGT. So rich boomers got to pay no CGT, no money towards elderly care and finally got to transfer the asset tax free to their kids - level up to the max as Buzz says! 

 

"She didnt say she would abolish iht she said she’d look at it."

I've no idea what "looking at it" means, but one radical option (which the Telegraph analysed today) is total abolition. 

Personally, I'd scrap all the exemptions, but maybe raise the NRB a little - in line with inflation, say. 

I'd rather have inflation applied to all the various thresholds rather than a pissy 1p drop in the headline rate or whatever.

she’s fantastically johnsonian mark ii

“i’m going 2 sack loads of civil servants!!”

“i’m going 2 review all taxes!”

without civil servants, who’s going 2 do the review?

“some1! maybe me! and it’s going 2 b amazing! the bestest review”

 

**review conducted at enormous expense 2 the public purse by outsourcing 2 a company set up l7er this year by a tozza grandee**

in the US the federal estate tax threshold is @ US$ 12 million, but is actually coming down over the next few years to closer to $5 million

The OP, as ever, fails to understand the English language.  She is “considering it (for the purposes of an election)” and that consideration will conclude no change is required after that election.

I think you mean that in Ireland the thresholds apply to the beneficiaries rather than the value of the estate.  
 

If example 3 in your linked article were in England and the house represented the full value of the estate, there’s be no inheritance tax, so it’s swings and roundabouts about fairness!