As I write this blog Money Talk will be focusing on Inheritance Tax – once described by Roy Jenkins as a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue. Of course those were the “good old days” and despite the arguably much overdue addition of a residence nil rate band the exchequer’s receipts from Inheritance Tax continue to increase – and are set to continue to do so. This on top of the increasing likelihood of a need to pay the cost of long term care in old age.
Between the tax man and care providers there may not be much left for the children, what can be done? Well of course there are those that say if you live in a big house and plan to leave over one million pounds to your kids – you can afford to pay more tax. But your income has been taxed already so is it fair that the state gets a second bite?
Of course as I write cabinet ministers seem to be falling like skittles so we may have no choice but to focus on BREXIT – we shall see!