Should inheritance tax be scrapped - vote in our poll

02 June 2023 , 12:56

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Shamed Nadhim Zahawi, who was sacked as Conservative Party chairman over his own tax dealings, is leading a charge of more than 50 rebels calling for inheritance tax to be abolished. (Image: PA/Getty)

Many are divided over inheritance tax and we want to know if you think it should be scrapped completely.

A Tory millionaire is leading a charge to get it scrapped - despite more than 93 per cent of estates not having to pay it and it raising more than £7billion a year to help fund public services such as the NHS and schools.

Shamed Nadhim Zahawi, who was sacked as Conservative Party chairman over his own tax dealings, is backed by more than 50 rebels calling for inheritance tax to be abolished.

He says he's 'haunted' at the prospect of paying tax on his fortune when he dies.

Inheritance tax is a 40 per cent charge on property above Government-set thresholds.

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Mega-rich former cabinet member Jacob Rees-Mogg and ex-Home Secretary Priti Patel are among the right-wingers demanding its abolition.

Members of the Conservative Growth Group - allies of 49-day Prime Minister Liz Truss - are set to publish a paper trying to convince the Treasury to scrap it.

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They want to see Chancellor Jeremy Hunt abolish it in his Autumn Statement later this year - but the Treasury says only a small proportion of people pay it - just 7 per cent of estates, in fact.

And it pointed out that people can pass on estates of up to £1 million to their spouse or civil partner without paying any inheritance tax.

What do YOU think? Should the rich be helped by axing inheritance tax? Take our poll above and expand on your comments below.

Paul Speed