Posted: Sunday, 28 February 2016 @ 09:57
Quite a good piece in the Guardian on the possible rise on probate fees
- As the Money editor of the Guardian, Patrick Collinson writes:
"It’s troubling that the government reckons the fee for a basic government service should be based on the individual’s wealth, rather than what it actually costs to provide that service.
The deeper problem is that the government has painted itself into a corner over property taxes, and is using probate as a stealth way to increase revenue.
Meanwhile, the congealed wealth of the super-rich will remain untouched, passed on in trusts in almost laughable defiance of IHT rules. Ditch these daft rises in probate fees – and raise IHT (while closing the loopholes) instead."
I attended a law conference with a leading barrister last year and he observed that IHT can be totally avoided by the super-rich. IHT is just for the middle classes now. There is total government impotence in the face of this tax avoidance/evasion.