Poll reveals inheritance tax is the most hated tax in the UK

By Lenore Rice

A survey has revealed that inheritance tax is the most hated tax among people in Northern Ireland and the rest of the UK, with 90 per cent of people polled by loveMONEY.com choosing the so-called 'death tax' over others such as capital gains tax and income tax.

An increasing number of estates are having to pay inheritance tax as a result of rising property prices, and the freeze of the threshold at which inheritance tax becomes payable. Currently, estates are liable for the tax if it is valued at £325,000 or over, with the threshold doubled for couples. Any estate that is valued over that amount will be liable for inheritance tax paid at a rate of 40 per cent. The largest criticism the tax receives is that it is seen as a payment of tax on money that has already been taxed before. Income tax is paid on money earned, and if you do manage to build up assets or savings with what is left you will also be taxed in that if your estate is over the threshold.

New figures suggest that an increasing number of people are making gifts of assets in order to reduce the inheritance tax bill their family will face after their death.

If you require legal advice about making a gift, inheritance tax, writing a Will, estate planning, bereavement services, or any other matter, contact one of the Wills and Estate solicitors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9293.