Opposition Leader Kamla Persad-Bissessar has called on government to come clean about any plans it has to implement a 25 per cent inheritance tax on TT citizens. The Finance Minister has denounced these statements as false and malicious.

Persad-Bissessar made the statement during the UNC’s Monday Night Report at Swaha Hindu College, Cunapo Southern Main Rd, Sangre Grande, as she warned her audience that property tax would not benefit them.

“Tonight, I have to warn you that worse is yet to come. The property tax is only the beginning. I have been told and I’m asking if this is true, that the Rowley PNM plans on imposing a 25 per cent inheritance tax on citizens. I have been informed of this and I call on the PNM to come clean to the country about this tax. Your parents pass away, you pass away and you leave a little something for your children and grandchildren and before they could get it, they have to pay inheritance tax.”

She said the tax is levied on the value of the inheritance received by the beneficiary.

“So whether you leave $5, $10, $20,000, $30,000, a 25 per cent tax on your beneficiaries. It is a tax that you pay when you receive money or property from the estate of a deceased person. Unlike an estate tax, the beneficiary of the money or property is responsible to pay the tax, not the estate.

“And so we are being told the government will establish a threshold value under which no inheritance tax will apply. Once that threshold value is surpassed they will put on the tax.

They’re going to tax you even after you’re dead.”

In a tweet on Monday, Imbert said,

“The Leader of the Opposition is spreading a false and malicious rumour that the Government plans to impose a 25 per cent inheritance tax on citizens who receive money or property from the estate of a deceased person. This is a huge LIE, clearly designed to upset the voting population.”

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