Two very different tax stories this week. In America, @realDonaldTrump is cutting taxes, the oft-mooted theory being that putting more money into the economy makes everyone, not just the rich, richer and more, not less tax is paid in the end. In Scotland, @NicolaSturgeon (who doesn’t have quite as many Twitter followers) is on the well-trodden ‘those with the broadest shoulders should pay more’ path. Which will work? Will either be in power long enough for us to find out?
Just when you thought Inheritance Tax was to become yesterday’s news, it’s back as, apparently and potentially, a ‘battleground policy’ as the election looms.
Including gifts to charity in your will is a nice thing to do, but it’s often only for those without anyone obvious to whom they can leave their worldly worth. Or perhaps when there are obvious recipients they don’t wish to benefit; families can be funny things.
A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.