You’d think that people campaigning about taxation would be able to understand the basics of taxation, no? Although, given the competition from people like the Senior Lecturer perhaps not. But this is still pretty good even given those strictures. Tax Justice UK has just noted that tax breaks for millionaires are mostly enjoyed by millionaires. And isn’t that a surprising outcome?
The background here is that there are various reliefs about inheritance tax. Agricultural land doesn’t pay it. Family held businesses don’t and so on. And then they go on to complain that these breaks are enjoyed by people who are already wealthy. Shame!
Tax Justice UK’s new research finds the government is handing out up to £666 million a year in inheritance tax reliefs on land and business property to families who are already well off.
Very much the number of the beast there. But this isn’t odd at all. For as they also note:
Inheritance tax is unpopular, but most people don’t own enough to pay it since every couple can pass on up to £950,000 of their wealth tax free.
That is, only millionaires pay inheritance tax. So, any breaks there are on inheritance tax are quite obviously going to be enjoyed by millionaires. Because no one except millionaires has to pay that inheritance tax.
It’s a complicated concept, isn’t it? Who knows, one day maybe we’ll get tax campaigners who are able to understand it. Until then, of course, Shame!