Should Brits Kill Their Death Tax?

The Resolution Foundation believes the UK inheritance tax should be abolished. Potential heirs should not celebrate. The foundation wants the inheritance tax replaced with a Lifetime Receipts Tax. This levy, to be paid by the receipients of gifts, would be imposed cumulatively on gifts over £3000 at rates of 20 or 30 percent. The first £125,000 a Brit received would be exempt.

The present inheritance tax has a 40 percent rate.