‘We know it is painful, especially with inflation at what it is. But there really is no option other than to ask you low-paid workers to contribute a little more in tax so that Rishi Sunak and his wife, when the time comes, can pass on a bit more of their £730 million wealth to their daughters.’
That is, to put it bluntly what Jeremy Hunt will be telling the nation if he does what he is reported to be about to do in the Autumn Statement and cut inheritance tax (IHT). One of the suggestions is that he may halve the rate to 20 per cent.
Sorry, inheritance tax is just the wrong tax to be cutting
I am all for low taxes, and I am certainly not in favour on punitive levies on inheritance or anything else, but sorry, inheritance tax is just the wrong tax to be cutting – at a time when the government has drawn millions more into tax system by freezing personal allowances.
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