This week, the Duke of Westminster passed away – leaving an estate that is reported to be valued at about £9 Billion (£9,000,000,000 to you and me).
Sympathies to his family. of course.
Wonder how much inheritance tax will be paid on this?
I did…..as we had a death in the family last winter- and we had to write a cheque to HMRC before anything could be passed onto our kin.
For ‘normal’ mortals, our estates pay 40% inheritance tax on an estate value in excess of £325,000. (£325,000 to you or me)
That is OK because the money is needed to pay for the NHS, etc.
Well. according to the Times of August 11, 2016, the answer is ‘Very Little’ …
on £ 9 Billion (again….£9,000,000,000 to you and me)
Because he had arranged his affairs into Trusts and taken other crafty measures.
Does that seem OK to you?
It certainly does not to me.
Only a Labour Government would try and change all this nonsense.
Pity that it failed to do so last time………….