Lamport Bassitt Solicitors - Legal News - IFS suggests inheritance tax hike for wealthy


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS IFS suggests inheritance tax hike for wealthy The importance of seeking advice on wills and inheritance tax planning has been highlighted by a new report from the Institute for Fiscal Studies (IFS). Raising inheritance tax could be a more effective way of taxing the wealthy than the 50p rate for those earning above £150,000, according to the think tank. It comes as chancellor George Osborne is making it clear that he wants to scrap the top income tax bracket. A recent survey from accountants Ernst & Young suggests business owners are afraid that the 50p rate is harming enterprise. IFS director Paul Johnson says the top rate "may be too high and that it is possible it will reduce tax revenues". He suggests it is driving the rich abroad and into tax avoidance schemes that reduce the overall take for the Treasury. "Wealth inequality has grown very strongly over the past few years, so if you are worried about it, inheritance tax is relatively useful," Mr Johnson adds. Posted by Georgina Price Related Articles: 22/5/2012 - Dementia carers urged to make sure will and Lasting Power of Attorney is in place 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows More Individual Legal Services News