Anyone who has been shying away from making gifts for IHT-planning purposes may want to consider acting soon, suggests Neil MacGillivray, as the powers that be weigh up reform of this devilish little tax
For a tax that makes up less than 1% of total tax and impacts on only 4% of estates, inheritance tax (IHT) receives a lot of attention - not to mention a lot of dislike from the general public. Research carried out by the Fabian Society in 2015 ranked IHT as the least popular form of taxation compared with 11 major taxes. The three reasons given for this were: it is negatively perceived as a tax on the dead and as double taxation on those who have earned and saved their wealth; the rate of 40% is seen as excessive; and it is seen as a voluntary tax which the wealthy and welladvised can e...
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