UKIP pledge to scrap inheritance tax

By Lenore Rice

The UK Independence Party (UKIP) will pledge to scrap inheritance tax at it's annual conference this Friday, and while the party's chances of general election success next year are slim, the move will put pressure on the Conservatives and Labour.

The Treasury will earn around £3.5billion this year from the 40 per cent inheritance tax levied on bereaved families. Patrick O'Flynn of UKIP is expected to tell the conference on Friday that we should be "respectful of those who earned the money, paid tax on it, invested it wisely and wish to pass it on to their chosen heirs." He will say that wealth is sufficiently taxed during our lifetime without inheritance tax also being payable upon death.

Inheritance tax is currently payable on estates valued at £325,000 or more - £650,000 if a married couple is involved.

Time will tell how the other parties will respond to the UKIP pledge, but there is no doubting that reform of the inheritance tax scheme would be very popular among voters.

If you require advice or information in respect of inheritance tax, making a Will, or bereavement services, contact Wilson Nesbitt in Northern Ireland by calling 0800 840 9293.