Even Labour supporters think IHT is unfair

A new study by Oxford University professor Ben Ansell has revealed the constituency most opposed to inheritance tax is the Labour-held west London seat of Hayes and Harlington. The findings showed “a striking distaste for taxation on inheritance” across the political spectrum. Less than a third of Labour supporters think IHT is fair, falling to just under 12% for Conservatives. Those living in London were more likely to oppose wealth taxes, the study shows, while support was greater in parts of the north of England and Scotland where property price growth has been far less extreme. Professor Ansell warned any politician planning to raise inheritance tax would run into strong resistance from voters. He said: “I doubt raising inheritance tax could survive a political debate – not least because there is no inheritance tax in Australia, Canada, New Zealand or even Sweden.”

Acer Accounts can assist you with your taxation, year-end accounts, self assessment, bookkeeping, accounting and payroll services – we are your tax advisor near you

 

The Daily Telegraph

Related Post

Reeves urged to abolish the £175,000 residence nil-rate band The Chancellor is facing pressure to eliminate the £175,000 residence nil-rate band in her upcoming Budget. Rachel Reeves previously argued that this allowance, which costs around £2bn annually, primarily benefits the wealthy and now the Resolution Foundation is pushing her to scrap it. In 2011, she stated: “Raising the inheritance tax limit to £1m for […] By Lisa Brownlow, 18 September 2024
Read Now
Small firms responsible for 80% of tax evasion Analysis by the National Audit Office (NAO) shows that small firms are responsible for more than 80% of tax evasion. The report cites HMRC estimates that £5.5bn was lost to deliberate tax evasion in the 2022/23 financial year, with small businesses responsible for 81% of the total. Despite a reduction in the overall tax gap […] By Lisa Brownlow, 16 September 2024
Read Now
Threshold freeze creates 4.4m more taxpayers The number of people paying income tax has increased by 4.4m in three years due to the freeze on thresholds, according to HMRC data. The figures also show that the decision to freeze the personal threshold at £12,570 has pulled an additional 1.77m pensioners into the income tax bracket. There are currently an estimated 37.4m […] By Lisa Brownlow, 3 July 2024
Read Now
↑