Even opponents of inheritance tax think scrapping it would lead to “unacceptable trade-offs”, a think tank has said.
“Policy makers must not take the public’s views for granted. They need to listen to the public in more depth to really understand the options available to them. This research challenges the idea that cutting IHT is an automatic vote winner – if politicians make the right case for it, the public will understand.”
The Office of Budget Responsibility forecasts that inheritance tax will raise £7.2 billion for the Treasury this year, more than the expected cost of extending free childcare over the next two years. Mubin Haq, CEO of the Financial Fairness Trust, which supported Demos’s research, said: “The public are increasingly savvy that tax cuts come at a price. Whilst inheritance tax is far from popular, even many of its staunchest opponents are worried it could lead to either tax rises elsewhere or cuts to valuable public services, which have already faced years of severe under-funding.
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