Readers back scrapping IHT ‘Why should my children be charged for money I’ve already paid tax on?’

The Telegraph has launched a campaign to scrap inheritance tax, backed by dozens of Conservative MPs. Our readers have voiced their support, sharing their stories about how inheritance tax has affected them. Here’s what they told us. Derek Bates, 88, New Forest Mr Bates, right, is doing all he can to reduce the inheritance tax bill his children will have to pay.

He has put some of his estate into shares on the Alternative Investment Market, which qualify for inheritance tax relief. But he fears this might not be enough to escape the 40 per cent charge. “Why should my children have to pay inheritance tax in such excessive amounts, on money I have already paid tax on?” he said.

“Even if the Government just reduced the rate to 10 per cent or 5 per cent, it would be more tolerable.”

Ted Franke, 67, BucksMr Franke, an entrepreneur, said death duties punish savers and business owners.

“It would pain me to know that the business I have built from nothing would need to be broken up to pay death duties,” he said. “Those left behind will face the dilemma of trying to salvage something.”

Richard Stanmore, 61, Anglesey Mr Stanmore has been working since he was 15, building his wealth from nothing by working as a salesman. He fears more ordinary people are falling foul of the tax, which raised £7.1billion for the Treasury in the last tax year. He said: “I’ve worked my whole life and paid taxes. But when I die, the Government is going to have its hand in my money again. It’s [the tax] not supposed to affect the normal working man on the street.”