The Tory MP for North East Hampshire, Ranil Jayawardena, a Tory, said that the death tax should be abolished. The ex-Environment Secretary said that s celebrate, not penalise, people who are trying to do the right thing. Hardworking families should be free to keep more of their money and use it as they want. In that respect, it's a right to work towards abolishing inheritance tax. It's also a double tax, as it's a tax on money that has already been taxed, and is an anti-family policy that places a significant burden at times of great personal stress. It's not fair, it's not conservative and it needs to go. The Institute for Fiscal Studies called for a radical change in the tax system. The current system is described as 'economically inequitable and inefficient'. It will apply to parts of an estate above the inheritance tax threshold, which can be up to $1 million for a couple. If a person leaves their home to their children or grandchildren, the threshold is currently £325,000, although it can be increased to £500,000 if a person leaves their home to their children or grandchildren. While it's conceivable that a more expansive inheritance tax could be introduced, those concerned with social mobility need to look earlier in life than when parents die, Advani, an associate professor at the University of Warwick and a research fellow at IFS, said. In 2020, about 3.73 percent of all UK deaths resulted in a tax charge for the tax year 2020 to 2021. For the 2022/23 tax year, inheritance tax receipts have been rising, reaching a record £7.1billion a year.
The former chancellor of Lancaster, Nadhim Zahawi, said that it is bad economics because it hurts families at the worst possible time and takes from people assets that their relatives meant to pass down to them. Rees-Mogg added that: 'It's been a hard day,' said Jacob Rees-Mogg.