Inheritance tax slammed as ‘Government robbery’ in calls to cut rate
Express.co.uk readers have shown widespread support in favour of Rishi Sunak cutting inheritance tax rates, with some calling for the "abhorrent tax" to be abolished outright.
Graham Southorn shares inheritance tax tips
Prime Minister Rishi Sunak is reportedly considering cutting inheritance tax (IHT) rates ahead of the next general election to help boost the Conservative Party’s popularity. Ministers told Bloomberg that changes to IHT could be announced at the Party's conference in the autumn. A new Express.co.uk poll has shown more than four in five readers are in support of IHT cuts.
IHT is applied to a deceased individual’s estate with a 40 percent tax applied to the combined value of property, possessions and money over the £325,000 threshold.
Mr Sunak could cut IHT by lowering the tax rate or increasing the threshold. Ministers told Bloomberg that the move could help bolster Tory support in the “blue wall” of southern England and reduce Labour’s lead in the polls.
READ MORE: Sunak to revamp inheritance tax rates ahead of the next election
In a poll that ran from 2.15pm on Tuesday, April 18, to 10.45am on Thursday, April 20, Express.co.uk asked readers: “Do you support Rishi Sunak cutting inheritance tax?”
A total of 1,086 votes were received, with the vast majority, 86 percent (937 people) answering “yes” in favour of Mr Sunak cutting IHT. In contrast, 13 percent (142 people) said “no” and a further one percent (seven people) said they did not know.
In the comments left below the accompanying article, readers agreed that changes needed to be made to IHT.
The overwhelming response was against IHT, with username cheekychaddchuffa describing it as “legal robbery of the poor”.
Similarly, username skyline remarked: “It was taxed when originally earned, its just Government robbery.”
Username TROUT-TICKLER wrote: “It is an abhorrent tax.”
Another, username Worldwatcher said:: “I not only support a reduction. I support its total abolition.”
And username smokehill added: “Terrible tax, get rid of it.”
A Downing Street source said on Sunday, April 16, that the Prime Minister is “not thinking or looking into any” tax policies at the moment. The insider said: “We have only just had a budget and our main priority is tackling inflation.”