Businessman speaks out on inheritance tax

A businessman has criticised the current inheritance tax system, saying that it is "deplorable".

Martin Ainscough, who is worth millions after selling his crane hire firm, said that he has been inheritance tax planning since he was in his 30s, the Lancashire Evening Post reported.

The 58-year-old, who sold his business to its management team for £255 million in 2007, said that 60 per cent of what he received for this deal was now in a trust for his children, while the rest would be directed to charity, as he wanted as much of his money as possible to go to these groups.

"I have stopped paying tax on 60 per cent of my wealth because it is in trust to my children and on the other 40 per cent because it is for charity, that is a pretty good situation," he told the Downtown Lancashire in Business lobbying group.

However, Mr Ainscough also said that those who work hard should be allowed to choose where their money goes and should not have to give proceeds from their estate to the taxman.

Furthermore, a report from Heartwood Wealth Management discovered that the average estate that middle class parents leave behind will have inheritance tax levied on it.

Published by Tessa Jones