United Kingdom Considers Major Inheritance Tax Changes

Government leaders in the United Kingdom are currently considering changes to the country’s inheritance tax that would greatly reduce the number of estates ultimately taxed.  This would also reduce revenue during a time when the country faces budget deficits.

One change under consideration would essentially raise the inheritance tax exemption from £325,000 to £1,000,000, which would make the “inheritance tax a tax on the rich rather than on the mass affluent.”Sean O’Grady, Inheritance tax would be ‘all but abolished,’ The Independent, March 1, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.