Think tank calls for higher inheritance tax

A leading think tank has suggested raising the amount of tax levied on inheritances, highlighting the importance of using a will writing service that can provide advice on inheritance tax.

The Institute for Fiscal Studies has highlighted this move as a more effective way of increasing the amount of tax paid by the wealthiest without the risks associated with the current £0.50 higher rate.

Paul Johnson, the organisation's director, told the Daily Telegraph that the current system could actually be reducing the total amount of tax taken by the government.

He stated that other methods of taxation could be a better way of reducing the difference between the buying power of the richest and poorest Britons.

Mr Johnson said: "Wealth inequality has grown very strongly over the past few years, so if you are worried about it [then] inheritance tax is relatively useful."

Stephanie Rose, a solicitor, recently told Get Wokingham that those looking to save money by making a will themselves could end up costing their families far more than if they hired an expert to help them prepare it.

Published by Phil Hammond