inheritance tax tagged posts

Start Taxing Inheritances, Says OECD

April 13, 2018 International Tax Cooperation

inheritance taxesPARIS – Inheritance taxes are the key to reducing the developed world’s growing problem of wealth inequality.

The Organization for Economic Cooperation and Development has issued a new report stating that governments need to use taxes to combat wealth inequality, and has suggested that inheritance taxes are an ideal way of achieving this goal.

The OECD noted that the levels of wealth inequality in the developed world have risen in recent decades, and the extent of wealth inequality is greater than income inequality.

It was explained that “A key aspect of wealth accumulation is that it operates in a self-reinforcing way; wealth begets wealth,” the report said. “It may be argued that wealth begets more power, which may ultimately beget more wealth...

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Inheritance Tax Up By GBP 1 Billion

November 24, 2017 Taxation in UK

Inheritance taxLONDON – More people dying and expensive houses mean that the UK government will enjoy an extra GBP 1 billion windfall.

New information released by the UK Office for Budget Responsibility shows that UK taxpayers will soon hand over nearly GBP 1 billion more in inheritance taxes than previously forecast.

In March this year, the government’s own projections showed that between 2016 and 2022 approximately GBP 32.4 billion will be collected from inheritance taxes.

However, this forecast has already been reviewed upward by approximately GBP 900 million over that timeframe.

The increase in the expected collection has been attributed to a higher than forecast mortality rate, and increase in the value of the houses and assets that fall under the scope of the tax, and an improved rate of enforc...

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Swiss Voters Reject Inheritance tax

June 15, 2015 Taxation in Switzerland

BERN – Swiss voters have overwhelmingly rejected a new tax proposal which is believed to pose a significant risk to small businesses.

In a vote held on June 14th taxpayers rejected a proposal to implement a new comprehensive inheritance tax in the country.

Currently the regulations regarding the taxation of inheritance vary in each canton, and under present regulations, only four cantons have rules to impose a taxes on wealth received as inheritance from a parent.

Had the proposal been passed, an inheritance tax of 20 percent would have been imposed on the transfer of wealth of more than CHF 2 million.

The proposal was rejected with 71 percent of voters voting against it.

The proposal was rejected by any taxpayers as it is believed that it would prove to be a significant financial burde...

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UK Taxpayers Paying Tax Bills with Art

December 3, 2014 Taxation in UK

LONDON – Taxpayers in the UK have donated valuable art pieces by Vincent Van Goh and Pablo Picaso in order to cover their tax bills.

Over the course of the 2014 financial year taxpayers in the UK covered GBP 30 million worth of inheritance tax payments by donating culturally significant works of arts, according to new information in a report released on December 2nd by Art Council England.

The art donated to cover the inheritance taxes was estimated to have a current market value of GBP 44.3 million, and was spread out across 27 different cases.

Currently valuable and culturally significant pieces of art may be donated instead of paying inheritance tax, as part of the Acceptance in Lieu scheme.

The amount donated in 2014 was the second highest on record, only beaten out by the 30 donatio...

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Calls Raised to Abolish Inheritance Tax

April 7, 2014 Taxation in UK

Inheritance in the UKLONDON – Inheritance Tax in the UK is becoming increasingly unpopular, and may be abolished soon.

Late last week the Institute of Fiscal Studies (IFS), an independent UK based think tank, released a new report showing that the current inheritance tax is inefficient, and should be dropped entirely.

According to the IFS, in the 2014 year inheritance tax was applied to less than 4.5 percent of all estates in the country, and the collection of the tax only brought in approximately GBP 3.5 billion, approximately 0.6 percent of all tax revenues in 2014.

Inheritance tax is currently applied at a rate of 40 percent on estates valued above the threshold of GBP325 000, with the only exemptions available for gifts to spouses, donations to charities, and transfers of agricultural land and some busines...

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