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“Con”: Brexit Party inheritance tax policy slammed

The Brexit Party’s pledge to abolish inheritance tax has been slammed by politicians and experts, it has emerged.

Rival politicians and experts have responded to the Brexit Party’s announcement yesterday that they would scrap inheritance tax, claiming that the policy is wrong.

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Writing on Twitter, Labour MP David Lammy called the policy a “con” and said it would only benefit elites. He said:

Meanwhile, journalist and Chancellor of the University of Kent, Gavin Esler commented on the hypocrisies of the policy and the party’s anti-elite branding:

Yesterday, in an article for the Daily Express, Richard Tice, Party Chairman and MEP for the East of England, outlined their reasons for pursuing the policy, Calling it Britain’s most hated tax, Tice said:

“The tax is mean; wrong headed; hits grieving families when they’re at their weakest; and punishes those who work hard all their lives for assets they can pass on to their children.”

Inheritance tax is a 40% tax on a deceased person’s estate. It applies to estates valued above £325,000 and only taxes assets above that threshold. 

But Tice added that people are taxed too much throughout their lives. He said:

“Millions of ordinary people are then walloped again when they die.”

According to law firm, Sproull, only 4% of estates are liable to inheritance tax and figures reveal fewer than around 40,000 families paid it between 2015/16, a number far below the “millions” Tice has pulled out of thin air.

Molly Scott Cato, Green Party MEP for the South West of England and Gibraltar added:

Meanwhile, Jo Maugham QC said:

Nevertheless, Tice claimed:

“Abolishing inheritance tax will benefit the economy and support faster economic growth,”

Brexit Party policies, apart from Brexit of course, have been fairly thin on the ground. Now it seems they are courting voters with a populist rhetoric with unsubstantiated evidence.

One response to ““Con”: Brexit Party inheritance tax policy slammed

  1. Sensible economics from the Brexit party.

    Abolish IHT altogether (or raise it to USA levels) and more wealth will remain in the UK rather than departing for overseas and more wealth will come here.

    That wealth is likely to generate more income tax, more VAT, more Council tax and more employment opportunities than IHT.

    And at a stroke we get rid of rafts of civil servants who are actively scrutinising grand-parents’ estates for gifts in excess of a mere £3000 in any one year to their relatives.

    https://taxfoundation.org/estate-and-inheritance-taxes-around-world/

    “Thirteen Countries or Tax Jurisdictions Have Repealed Inheritance or Estate Taxes Since 2000”

    Macau 2001, Portugal 2004, Slovak Republic 2004, Sweden 2005 Russia 2005,

    Hong Kong 2006, Hungary 2006, Singapore 2008 Austria 2008, Liechtenstein 2011,

    Brunei 2013, Czech Republic 2014, Norway 2014.

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