Inheritance tax is Britain’s ‘most hated’ levy: but would the government really abolish it? This is the Money podcast
It has been called the most hated tax in Britain, but only four percent of people pay it.
You could be forgiven for thinking that inheritance tax is something only the super-rich need to worry about.
But thanks to rising home prices and an increasing desire to transfer wealth between generations, more and more people are getting connected.
It happens not only when someone leaves property or other assets from someone’s estate, but also when he or she accepts a gift from someone who dies before the “seven-year rule” tax exemption comes into effect.
The IFS says that four percent could become twelve percent within ten years.
And many of those who will never pay it still hate the idea of the government making a major cut of the wealth people have worked hard to build over their lifetimes.
So it could be welcome news that Rishi Sunak is reportedly considering cutting inheritance tax, or even abolishing it altogether, as a potential vote-winner ahead of the next election.
What’s wrong with inheritance tax, how can it be made fairer – and can the government really just get rid of it? Simon Lambert, Helen Crane and Georgie Frost discuss.
That’s not the only plan the government would come up with for our finances.
It is also reported that Chancellor Jeremy Hunt wants to increase the £20,000 annual Isa allowance, but only for those who use it to invest money in companies listed on the ailing London Stock Exchange.
The team considers what’s stopping people from buying stocks and shares Isas, whether the rules are too restrictive for the way we handle our money today, and whether encouraging people to pour money into a market that’s seeing the latest time has had a bit of a hard time, is a good solution. good idea.
Moreover, it has been a year since the disastrous mini-Budget that turned the mortgage market upside down.
With a series of mortgage rate cuts by major lenders this week, could it be that home loan rates are finally turning around now that the base rate has been put on hold?
And finally, with the price cap coming down this weekend, we discuss whether it’s finally time to lock in a flat rate on your energy bill.