Accountants criticise IHT

News Article - 24 August 2007
Category: Business

A new poll has revealed that a significant number of people within the accountancy profession do not favour the current inheritance tax (IHT) system.

The survey conducted by Accountancy Age found that 77 per cent of respondents felt that only the richest members of the society should be required to pay some form of IHT.

A further 53 per cent argued that money subject to IHT had already been taxed, although a number of respondents were in favour of the tax.

The online poll follows calls made by a Conservative party policy group for IHT to be scrapped.

Responding to the proposals, Graeme Robb of James Hay's technical unit, said that the company welcomed the debate as 38,000 families are expected to have to pay the tax this year.

As the number of people required to pay IHT rises, it will be increasingly important for individuals to seek advice on estate planning and other IHT issues, he added.

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