Blanket death tax ''would be unfair''
Louise Border
Date posted: 20 Feb 2010
Imposing a ten per cent ''death tax'' to pay for long-term care for the elderly would be unfair and ''political suicide'' for any party, it has been claimed.
Writing for Citywire, finance expert Lorna Bourke said it is unsurprising cross-party talks to impose the tax have broken up.
She pointed out that high earners would resent paying large sums to fund the care of the elderly when they are already paying inheritance tax at 40 per cent on assets over £325,000 and a ten per cent ''death tax'' on a person''s assets would be unfair to almost everyone.
Imposing a ten per cent ''death tax'' to pay for long-term care for the elderly would be unfair and ''political suicide'' for any party, it has been claimed.
Writing for Citywire, finance expert Lorna Bourke said it is unsurprising cross-party talks to impose the tax have broken up.
She pointed out that high earners would resent paying large sums to fund the care of the elderly when they are already paying inheritance tax at 40 per cent on assets over £325,000 and a ten per cent ''death tax'' on a person''s assets would be unfair to almost everyone.
Imposing a ten per cent ''death tax'' to pay for long-term care for the elderly would be unfair and ''political suicide'' for any party, it has been claimed.
Writing for Citywire, finance expert Lorna Bourke said it is unsurprising cross-party talks to impose the tax have broken up.
She pointed out that high earners would resent paying large sums to fund the care of the elderly when they are already paying inheritance tax at 40 per cent on assets over £325,000 and a ten per cent ''death tax'' on a person''s assets would be unfair to almost everyone.
It is unfair to expect those who may not be fortunate enough to own their own homes to pay, through higher taxation, for long-term care for those who are relatively wealthy, added Ms Bourke.
Last week, research by Remember a Charity found that the concept of video wills is growing in popularity, with many people now considering using the technology to outline the thinking behind some of their estate decisions
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