Inheritance Tax is the most hated of all taxes – should it be overhauled?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 12 July 2019

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's official: IHT is the country's most hated tax. That's according to the Office of Tax Simplification, who have been looking into the quirks of the system at the request of the Chancellor.

What needs to change – and could a Labour plan, bubbling away in the background, really be the answer? Editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost take a look.

Whatever happens with IHT, most want to leave as much of their wealth as possible to loved ones when they pass away – so just how do you do it and how many bend the rules?

Elsewhere, we update on what's going on at Deutsche Bank as thousands of jobs across the globe are axed.

Eon goes green and says millions of its customers will now receive 100 per cent renewable electricity – but what does that mean?

And on the topic of green, we have details of the first all-electric Mini – how much will it cost, what is its range and most importantly... is it any good?

Transcript

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0:00.0	Welcome to This Is Money. I'm Georgie Frost and joining editor Simon Lambert night today is Assistant Editor Lee Boyce.
0:08.0	And coming up, poorly understood, counterintuitive, simply unclear.
0:12.9	What should we do about inheritance tax?
0:15.7	The body tasks with shaking up our most hated tax has come up with a few ideas.
0:20.7	Do they go far enough, though?
0:22.5	And what about if Labour come into power?
0:25.4	Also today, Deutsche sends shockwaves through the city.
0:28.7	Eon goes green, whether you like it or not, and Minnie goes electric.
0:33.3	But does Simon like it or not?
0:35.6	Don't forget, you step to date.
0:36.6	With all the latest breaking money news, just go to this ismoney.co.uk or download the app. Now, it takes some doing to
0:44.1	be considered the most hated of all taxes, especially when so few people actually pay it.
0:50.4	But there you go, inheritance tax, the most hated, it's official. According to the Office of Tax
0:55.7	Simplification, it's been working out at the request of the Chancellor. What on earth can be done about it?
1:02.4	Now, we told you all about this back in November. Well, we now have an update with the OTS giving some of
1:09.0	their suggestions. Will the Chancellor take heed? And what about the
1:12.2	small issue of a Labour government, perhaps waiting in the wings with some of their own plans
1:17.0	for the tax? But first, a very warm welcome, Simon, very briefly recap of what the Chancellor
1:22.5	has asked the Office of Tax Simplification to look at specifically. Now, it was pretty damning in their initial report.
1:30.2	Also worth noting, not in its remit to affect policy,
1:34.4	so it can't actually get rid of inheritance tax.
1:37.4	No, but these are the government's tax gurus.
	...

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