Covid-19: Death Duties and Inheritance Tax Debate

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Baroness Altmann

Main Page: Baroness Altmann (Non-affiliated - Life peer)

Covid-19: Death Duties and Inheritance Tax

Baroness Altmann Excerpts
Thursday 24th June 2021

(3 years, 4 months ago)

Lords Chamber
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Baroness Penn Portrait Baroness Penn (Con)
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My Lords, in fact, the UK has one of the highest levels of wealth taxes in both the G7 and the OECD. We also have a highly progressive income tax system. The top 1% of income tax payers are projected to have paid over 29% of all income tax in 2019-20, an increase from 25% of all income tax in 2010-11.

Baroness Altmann Portrait Baroness Altmann (Con) [V]
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My Lords, might an increase in tax on inheritances be considered to help pay for the reform of social care, for which I understand the Treasury is searching for the necessary funding?

Baroness Penn Portrait Baroness Penn (Con)
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My Lords, as I have set out, the Government’s approach to inheritance tax at the most recent Budget was to freeze those thresholds, which will raise additional funding. The Government’s plans for social care will be set out later this year.