In the lead-up to the upcoming general election, there’s a buzz about potential changes to the inheritance tax landscape in the UK. The Conservatives are contemplating a bold move: scrapping inheritance tax altogether. This tax, often labelled as ‘the most hated tax in Britain’, has long been a point of contention for many. The idea of assets being taxed twice – once during a person’s lifetime and then again after their death at a whopping 40% above the available allowances – doesn’t sit well with most.
Das aktuelle Szenario
As it stands, the inheritance tax threshold is set at £325,000, a figure unchanged since 2009. In 2017, an zusätzlich allowance for homes passing to direct descendants was introduced. Perhaps surprisingly, in view of the frequency with which inheritance tax is raised in the media, very few estates are actually required to pay inheritance tax. In the 2020/2021 tax year, only 3.73% of deaths led to an estate facing an inheritance tax charge. This is in stark contrast to many other countries which impose inheritance tax. For example, in Belgium 48% of deaths incurred a tax.
Die konservative Sichtweise
Yet as a much larger percentage of people are concerned that their assets wird attract inheritance tax when they die, it is perhaps not surprising that the Conservatives consider that alleviating this worry could prove popular with voters. Indeed, the Conservatives’ 2007 policy announcement that they would raise the inheritance tax allowance to £1 million is regarded as a key factor in Gordon Brown’s decision not to call an election at that time.
Das Zahlenspiel
Aus einem aktuellen Bericht des Institute for Fiscal Studies geht hervor, dass die Erbschaftssteuer nur 0,3% zum BIP beiträgt. Die geschätzten Kosten für ihre vollständige Abschaffung würden sich auf 7 Mrd. GBP belaufen. Auch wenn dies im Großen und Ganzen eine bescheidene Summe zu sein scheint, lohnt es sich, darüber nachzudenken, wer am meisten von dieser Änderung profitiert - in der Regel diejenigen, die über das größte Vermögen verfügen.
Reform vs. Abschaffung
For this reason, there are proposals to simply reform the tax to reduce the perceived unfairness, rather than completely abolishing it. There are various reforms that could be made. These range from reducing the rate payable and increasing the threshold, to more radical measures such as bringing more pension pots into the scope of inheritance tax and capping the generous business and agricultural property reliefs which are often used by larger estates. However, these do not capture the headlines in the same way as scrapping inheritance tax entirely.
Parlamentarische Erwägungen
Bevor wesentliche Änderungen vorgenommen werden können, muss das Parlament die vom Institute for Fiscal Studies vorgelegten Zahlen und Vorschläge abwägen. In Anbetracht des derzeitigen Wirtschaftsklimas ist die Abschaffung einer Steuer, die Einnahmen in Höhe von rund 7 Mrd. GBP bringt, keine Entscheidung, die man leichtfertig treffen sollte.
Countries such as Australia, Austria, Canada, New Zealand and Sweden which did scrap inheritance tax mostly did so a long time prior to the global financial crisis. It is therefore quite possible that inheritance tax in the UK will continue to haunt our estates for longer, and it could be a risk to labour under the impression that inheritance tax will be scrapped, rather than getting your affairs in order, to maximise use of the exemptions. Though its removal may be a possibility, inheritance tax remains for now.
Navigieren durch die Erbschaftssteuer
For a more comprehensive understanding of how the current inheritance tax landscape may impact your estate, or to explore strategies for minimising the tax burden, reach out to our Privatkunde Department at PrivateClient@rfblegal.co.uk.
Zusätzliche Informationen
- Nachrichten Autor:Senem Osmankan
