Whilst on my weekly perusal of Lib Dem Voice I spotted an interesting article by my lovely colleague Stuart Bonar. He was discussing inheritance tax; an issue that I hope will not affect me for a while, but nonetheless, an important one to many of us. I was initially inclined to agree with Stuart’s view that individuals should be taxed on these ‘wind-falls’ but then I got thinking…
Inheritance tax used to be a tax on the rich, something not relevant to most of us. But it’s now a tax paid by many, as house and asset prices have risen to extraordinary levels; many being valued at over £325 000, which is the threshold for this tax. However, I do wonder whether many of the rich, the original subjects of this tax, pay it, as they can afford expensive and skilled accountants or leave the country to escape this payment, something that I and many others cannot do.