The BBC and SKY couldn’t wait to bring you this story from the office of Gideon Osborne. After years of working at the problem our famous Bullingdon Boy has come up with a scheme to end inheritance tax. Wow! The media can’t believe he has managed to pull off such an amazing financial feat.
Hang on a minute. Who’s going to benefit from this? Well it’s his mates of course. The threshold is currently £650,000 for a couple. Read that figure again – £650,000 at which point the tax is levied. So what he is doing is giving yet ANOTHER tax-break to those who are in the money to the tune of £650,001 through to £1,000,000. Economists point out that the plan will only benefit the wealthiest in society. Last year, the estates of 35,000 were subject to inheritance tax; that’s around just 5% of the total.
The way the suck-up media are reporting this you’d think we were all going to get this windfall every other month! Never mind the cuts to the poor and disabled that will happen every week. No, don’t report the real story, just report on what for many will be a one-off situation and that will now include the very wealthy.
What also seems to have been lost in all this financial twaddle is WHY you’ll be in line for some inheritance. For most people it will be because someone they have loved, probably for their whole life, has just died. They are dead and you will not see them again. That’s why you are in the position to inherit!
Funny how with the likes of a money obsessed Gideon this unfortunate aspect is simply ignored.