End Inheritance Tax & consult on a new system for dealing with lifetime savings — 44 signatures. Status: open.
Abolish the current inheritance tax system and replace it with a new system that avoids taxing accumulated savings from already-taxed income again on death.
Most people pay tax on earnings and save or buy a home with what remains. Inheritance tax may then take a share of an estate, including savings from taxed income. Not every asset has already been taxed, but many see this as unfair double taxation. If asset values outpace thresholds, more estates can be affected. Sweden abolished inheritance and gift tax in 2004; Norway abolished inheritance tax in 2013. The Government should study these examples and consult on what we believe could be a fairer alternative.
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