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Financial advisers back inheritance tax reform

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Research by Old Mutual Wealth has revealed adviser support for inheritance tax reform, with 44% of advisers in favour of lifting the IHT threshold to GBP1m.

IHT is currently charged at 40% of the value of the estate above the GBP325,000 nil rate band.
 
Some media reports had predicted the Autumn Statement would include an overhaul of IHT. However, the only change to IHT saw an exemption introduced for aid workers killed overseas.
 
Only a small of minority (13%) of advisers surveyed indicated they did not support IHT reform.
 
More than one in ten (11.5%) were in favour of abolishing IHT altogether, while 28% called for the exclusion of the primary home.
 
Old Mutual Wealth Financial Planning Expert, Rachael Griffin, says: “Inheritance tax could be a key battleground approaching the next general election and David Cameron has already indicated that the Conservative party is likely to consider reform.
 
“The problem with IHT is that many individuals caught under the current GBP325,000 threshold will feel they are leaving a relatively modest inheritance to their family and yet it will be subject to a tax which is ostensibly supposed to target wealthier individuals. Advisers appear to feel the same way, with the majority supporting IHT reform and only a small number (11.5%) arguing that nobody should pay IHT.
 
“Exempting the primary home from IHT also received some support. However, this would have the knock-on effect of encouraging individuals to store wealth in their home for tax planning purposes. This may not be seen as a viable option considering the potential for loss of stamp-duty revenue.”
 

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