New polling for the TaxPayers’ Alliance has found that Brits of both genders, all age groups, social grades, regions, education levels and political affiliations support either cutting or abolishing inheritance tax, with over half (55%) of all those surveyed answering in this way.
In the poll – conducted by research agency Public First – almost half listed the tax as the most unfair out of a list of nine, while a plurality supported abolishing the tax entirely.
This comes as the TaxPayers’ Alliance launches a new campaign calling for the abolition of inheritance tax, with the group pointing to problems raised by the reduction of tax reliefs for businesses and family farms as evidence that the whole system of inheritance tax is unworkable, unfair and immoral.
As part of this campaign the organisation is running a petition and a letter-writing tool directed at MPs.
CUT THE TAX
When asked “Do you think the Government should raise Inheritance Tax rates, cut inheritance tax rates, keep Inheritance Tax rates the same, or abolish Inheritance Tax all together?” over a quarter (27%) of all respondents said that inheritance tax should be cut, with a similar number (28%) saying it should be abolished.
This compares to one in five (21%) who say it should be kept the same and one in 10 (10%) who said it should be increased (with the remainder unsure).
A majority of all age groups, both genders and all social grades support cutting or abolishing inheritance tax
MOST UNFAIR
When asked about the fairness of nine different taxes, inheritance tax was listed as the most unfair by a plurality of every group with the exception of those with a PhD.
Of the total group surveyed just under half (46%) chose inheritance tax, followed by income tax on 27%, stamp duty on 26% and VAT on 24%. This was followed by national insurance, capital gains tax, insurance premium tax, vehicle excise tax and air passenger duty.
HELP FARMERS
In a major blow to the Labour government’s reforms to agricultural and business property relief, the polling also found a significant majority of those surveyed support abolishing inheritance tax for those seeking to pass down farms or businesses to family members, with six out of 10 (63%) supporting abolishing the tax for the former and a similar number (59%) for the latter. On family farms specifically there was not a single group which did not approve abolishing inheritance tax by a majority.
New data released last week found that receipts from inheritance tax increased by £600 million during the nine months up to December compared to the previous year.
