Closed petition Scrap inheritance tax completely

Closed on 20 March 2014

In 2011/12 Inheritance Tax (IHT) receipts were 0.66% of the Government's income (GBP2.9bn / GBP438bn).

IHT's impact on families is huge, up to 40% of the assets are paid in tax. This does not allow for fluctuations in prices post-mortem.

IHT is a double taxation, tax was paid on the income as the money was earned.

IHT hits people when they are vulnerable and bereaved by unexpected illness. Healthy people have time to plan for the eventuality. It is an outdated and obsolete tax. There are no large landed estates that need breaking up by such communist taxes.

Scrapping IHT would likely increase other tax receipts such as income tax, stamp duties, and VAT.

Scrapping IHT will reduce administration costs saving the government money.