Since 2010, the British inheritance tax bill has risen by more than 90%, becoming a general tax on middle England. The Treasury has become increasingly dependent on this tax, nearly doubling its proportionate share of the overall taxman’s income. This realization will call for the Conservatives to cut the inheritance tax quicker than anticipated in the general election. Under the new proposed system, families will be allowed to pass £1 million onto their children inheritance tax free.
See Ben Riley-Smith, Inheritance Tax Bill Has Nearly Doubled Since Tories Took Power, Figures Show, Telegraph, August 15, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
