Budget 2012 predictions: MHA MacIntyre Hudson calls for consultation on “archaic” Inheritance Tax
Commentators at MHA MacIntyre Hudson have called for a consultation on UK Inheritance Tax, stating that the current system is outdated and disproportionately focused on the South East due to the structure of thresholds. MHA MacIntyre Hudson is calling for this announcement in next month’s Budget.
Katharine Arthur, Tax Partner at MHA MacIntyre Hudson, is calling for a review to bring the UK system closer to the Continental model, which taxes inheritance rather than death. May advises implementation in 2013.
She comments, “It’s high time that Inheritance Tax is looked at properly as the current model is not only archaic but flawed at a conceptual level. The UK is an anomaly in the high rates of Inheritance Taxes we pay. This is particularly true in the South East where the nil rate band on estates to the value of £325,000 means Inheritance Taxes fall unfairly in this region due to higher property prices.”
Katharine Arthur is available for pre- and post-budget comment.
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