Aug 22 2007
Financial service firm James Hay has welcomed the debate over the future of inheritance tax (IHT) in the UK sparked recently by proposals put forward by a group of Conservative MPs.
The Economic Competitiveness Policy Group (ECPG) has advocated to the Conservative Party leaders that IHT be scrapped entirely and the subsequent outpouring of opinion suggests that the subject is an emotive one among UK consumers, according to James Hay.
Discussion and proposals on if and how to reform IHT structures in Britain are welcomed by the company because it is hoped consumer awareness of the relevant issues could increase as a result.
"Although we do not know if the Conservatives will adopt [the ECPG's] proposals, there does seem to be a momentum building for a review of IHT with rising house prices being the main catalyst," said Graeme Robb, from James Hay's technical unit.
"James Hay welcomes debates such as these given that 38,000 families are projected to pay IHT in the current tax year and as more and more taxpayers fall within the IHT net then the more important it is for clients to seek independent advice on estate planning and IHT issues."
John Redwood, who led the ECPG's recent review, has claimed that IHT is becoming increasingly unpopular among British families.
