Monday, October 01, 2007

Tories want to effectively get rid of inheritance tax

George Osbourne has told Tory Party conference today that he wants to effectively abolish inheritance tax by making it payable only on those estates worth a million or more.

What a big difference that is going to make.

Here are the facts.

IHT is a form of death duty on estates valued at more than £300,000

About 40,000 estates a year are subject to IHT

It includes the value of a house - unless it is left to a UK-domiciled spouse

So, what does that mean in effect?

It means that only 40,000 families are affected by this at the moment. 40,000 families, now that is hardly the show-stopping wide-reaching policy initiative that is going to set the 60 million people in this country on the path to voting Tory is it?

And if you leave your home to your husband or wife, they dont have to pay IHT on it either.

So who is currently paying IHT?

Ermmm.......rich people who probably voted Tory anyway.

Is it me? Am I missing something?

The big idea for the General Election from the man who wants to be the Chancellor of the Exechequer benefits only 40,000 rich families.

What planet are these people on?

1 comment:

Kensington's Old Dick (still right down the waiting list for a prostrate) said...

I will be leaving my two up and two down and one on the side to Marek my faithful Polish carer, although not related we have undergone a Polish same sex civil wedding to make sure he gets his hands on my loot....it (the hosue on edge lane)has been valued at about £49,700, well that is what Liverpool Land's Gold Rush Team representative Robin S'Od has offered me under somethign called a SeePeeOh (one those robots in Star wars?)He also offered me three beans for my cow... I am not sure it will attract Inheritents tracks, though but if it's good enought for the Duke of Westminster it's good enough for me, I dont see why he should have all the fun.