The inheritance tax con
6:30pmBy Fraser Nelson
Here’s the weasel. The Inheritance Tax "reduction" is a canard. Anyone with financial acumen (or a lawyer) will not benefit at all. KPMG have just been on the phone explaining it all to me and explain it here. “This change, although likely to grab headlines, is in practice only giving to most people what they already have,” says Carolyn Steppler, its tax director. Why? At present, couples can take out a zero-rate Discretionary Trust which in practise pools their inheritance tax allowances. Only those who have not availed themselves of this would be helped by today’s announcement. Yet Brown estimates this will cost him £1.4 billion – I suspect this figure is designed to shrink rapidly. Is it impossible for this government to give a Budget without trying to fool the media in one way or another? Old habits die hard.
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Bee
October 9th, 2007 9:15pm Report this commenthaving cared for elderly parents in their own home for 6 years I've learned much about family, the NHS, local government and and and... I've dealt with the Public Guardianship Office, dealt with intestacy, probate and the rules of survivorship inheritance I want to stand up and shout "people... wake up... do yourselves a favour and learn to sort stuff for yourselves... you'll be amazed at what you're capable of.." Question doctors, lawyers, accountants and your government. You'll be amazed that those in whom you put your trust don't know as much as they lead you to believe they do! The inheritance tax changes mean absolutely nothing...
Chris Blanks
October 9th, 2007 11:27pm Report this commentThis report does nothing for single or divorced people who have saved a life's worth of income taxed savings and investments to divide to a number of children. As Bee says,'The inheritance tax changes mean absolutely nothing.' The present tax system still steals from private pension funds, rewards those who plan nothing or produce children without plan or funds.
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