Okay, perhaps not completely fair, but HM Revenue and Customs have decided that, from next month, those who do not pay the due inheritance tax within 6 months will have to pay a 3% penalty!
Firstly inheritance tax is extraordinarily unfair, but I'll not go into that now (7 year loophole etc).
Secondly with the property market as it is; a grieving family could be forced to put their relative's house on the market at a price that is tiny compared to what they could have got a couple of years ago, or what they'll get in three or four years, (so everyone loses out). The pressure of having to sell in six months could well mean that the new grieving party would be forced to sell at well under the actual value on top of selling in a recession of huge proportions.
3%? Where was that figure conjured from? If the property, was worth £325, 000 (the base figure for inheritance tax on all of the deceased's assets) there would be almost £10, 000 to pay on top of the original 40%! For most families that, in itself, is a huge amount of money and seems incredibly insensitive after a loved one has died.
This government is not helping itself.
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Since when were the Labour Party anything but bitter and sniping at the wealthy?
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