"Following my request for views on inheritance tax" says Michael Fabricant (see News Release of 12th January), "I have had a fantastic response by email and letter. These have all been
passed on to Shadow Chancellor of the Exchequer Oliver Letwin."
One constituent wrote:-
In response to your request for views regarding the anomalies of Inheritance Tax, we welcome the opportunity to express ours.
This is clearly an unjust tax on wealth (and particularly the not so wealthy) and is now regarded by the Government as an easy way
to raise further funds for the Treasury.
There is no justification for raising taxes in this manner. Taxes have already been levied on property, during construction and
subsequently. The public suffer in other ways, besides the value of property. It is a wealth tax which our children have to
suffer, because parents have saved for their children’s future, so, why should they be penalised by proxy?
Inheritance Tax should be abolished, or at least significantly raise the threshhold and for subsequent increases to be set according
to the cost of living index.
"I tend to agree with this view which is typical of the replies I have received" says Michael Fabricant. "If the inheritance tax
threshold were raised to £1 million before it started, it would exempt most people in the midlands. With the cost of an average
detached house in Lichfield District being £293,560, that is already over the existing level for inheritance tax. I believe too
many ordinary people pay income taxes and death duties when many years ago it only affected the very rich."