"British families’ inheritance tax bill will this year exceed £4bn for the first time in history, official data shows, as experts warn resentment is building among a record number of middle-class savers now being forced to pay “death duties”.
Inheritance tax receipts for the 12 months to February this year, published by the Office for National Statistics, show this year’s inheritance tax bill is on track to be more than a fifth higher than last year, with the Government expected to take £4.6bn in inheritance tax in 2015-16 compared to £3.8bn for the same period in 2014-15.
Separate projections from the Office for Budget Responsibility (OBR) reveal the number of family estates on which inheritance tax must be paid has quadrupled since 2010, with the number up from around 10,000 to more than 40,000 this year.
Experts on Saturday condemned inheritance tax as a “devious” tax on middle-class savers who have enjoyed financial success. They warned the boost to the Government's coffers would foster resentment among families being charged ahead of a new, more generous allowance being introduced next year.
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The number of inheritance tax receipts was also boosted by a spike in winter deaths as a result of the flu virus hitting older people particularly hard last year. As a result the Treasury said it was expecting to net an extra £200m more than expected.
Source: Middle-class families 'resentful' as Government takes record £4.6bn inheritance tax bill
It's ironic that Tories played inheritance tax card to get in power (and stop Brown from early election), yet the reality is that they tax the heck out of already overtaxed middle classes
Oi Waldorf, should the Tory Scum Govt stop winter fuel payments to help reduce debt mountain???
Inheritance tax receipts for the 12 months to February this year, published by the Office for National Statistics, show this year’s inheritance tax bill is on track to be more than a fifth higher than last year, with the Government expected to take £4.6bn in inheritance tax in 2015-16 compared to £3.8bn for the same period in 2014-15.
Separate projections from the Office for Budget Responsibility (OBR) reveal the number of family estates on which inheritance tax must be paid has quadrupled since 2010, with the number up from around 10,000 to more than 40,000 this year.
Experts on Saturday condemned inheritance tax as a “devious” tax on middle-class savers who have enjoyed financial success. They warned the boost to the Government's coffers would foster resentment among families being charged ahead of a new, more generous allowance being introduced next year.
...
The number of inheritance tax receipts was also boosted by a spike in winter deaths as a result of the flu virus hitting older people particularly hard last year. As a result the Treasury said it was expecting to net an extra £200m more than expected.
Source: Middle-class families 'resentful' as Government takes record £4.6bn inheritance tax bill
It's ironic that Tories played inheritance tax card to get in power (and stop Brown from early election), yet the reality is that they tax the heck out of already overtaxed middle classes
Oi Waldorf, should the Tory Scum Govt stop winter fuel payments to help reduce debt mountain???
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