Business
100% inheritance tax slammed as it would cause ‘misery’ while rich would dodge levy | Personal Finance | Finance
Introducing an 100 percent inheritance tax may seem at face value a radical way to redistribute wealth ensuring rich families have to share their assets with others.
But experts have told Express.co.uk such a policy would be grossly unfair and difficult to administer.
Fiona Dodd, private client partner at Mayo Wynne Baxter, said: “The risks of introducing 100 per cent inheritance tax include spawning even more of a tax avoidance industry than already exists in the UK.
“Those wealthy enough to take advice would probably be able to get around it, so it will simply and sadly hit those who can’t afford to pay for advice.
“It will be counterproductive if there are no exemptions, for example if it breaks up businesses and other wealth generating ventures to pay the tax.”
She also warned such a policy would discourage investment and would cause huge heartache for Britons.
Ms Dodd said: “It would result in incredibly cruel emotional trauma for anyone who needed to get rid of family possessions to pay the tax, while encouraging people to hide their wealth.
“Another risk is families would pass on their money too early, which could then be lost in divorce.
“Additionally, it would make vulnerable people more likely to suffer financial abuse, which would be disguised as tax planning.
“The only benefits are that it could be viewed as egalitarian and it might invigorate the property market as people may have to sell to pay the tax.”
She also said an 100 percent levy could encourage economic activity as people will spend more and pass on money to their relatives, but as no one knows when they will die, it would be hard to get the timing right.
The expert also warned there would need to be some form of provision to pay for a person’s care in case they gave everything away to avoid the tax.
She said the policy would in fact be more likely to discourage economic activity as people would not be incentivised to accrue wealth to pass on to their family.
She warned such a change could cause a glut of assets for sales leading to a depression in prices and a further hit to the economy.
Ms Dodd said: “It’s important to note that 100 percent inheritance tax would also prevent the poor from holding onto their wealth and passing it on to their family to help them.
“Yes there would be equality but only in terms of the misery it generates. However, the rich would be likely to find a way around it, thus rendering any system even more unequal.
“Forcing each generation to start again does not promote long-term thinking in terms of caring for land or businesses.
“Instead, it incentivises get rich quick, short term riskier strategies as there is no incentive to leave your children any kind of legacy.”
Elisabeth Squires, wills and probate solicitor at Britton & Time, spoke about the potential benefits of the policy.
She said: “A common argument when the subject is mentioned, is that it will encourage people to work harder as they cannot depend on their inheritance to provide for them.
“Knowing that the only way to increase one’s wealth is to earn it by working would increase productivity in the workplace as people compete more with one another to receive a substantial payout.
“With this rule in motion, it is highly likely that our class system would then begin to dissipate and equalise as the rich and the upper class would then have to earn their share instead of inheriting it from their families or other close companions.”
She said the tax revenue boost would also provide more funds for infrastructure such as schools, hospitals and leisure facilities.
But she warned those who depend on their inheritance could be plunged into poverty if the taxman took all a person’s estate upon death.
Ms Squires added: “Moreover, the risk of poverty among the elderly may also increase as people potentially “miscalculate” their spending within their lifetime.
“With a chance that economic activity may increase, people are less likely to save their earnings, spending their income without having to worry about the younger generations or those who would have inherited.
“When the time comes to retire, there may be a chance that elderly people realise that they have not prepared for their retirement and do not have enough funds to live on.”
For the latest personal finance news, follow us on Twitter at @ExpressMoney_.
Mumbai:
Stock market benchmark indices Sensex and Nifty rebounded sharply in morning trade on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers.
The 30-share BSE benchmark gauge Sensex bounced back in early trade and later jumped 835.2 points or 1.02 per cent to 82,021.64. The NSE Nifty surged 262.3 points or 1.06 per cent to 24,946.20.
From the Sensex firms, Sun Pharma, Bajaj Finance, UltraTech Cement, Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, HDFC Bank and Tata Motors were the biggest gainers.
IndusInd Bank emerged as the only laggard.
Moody’s Ratings said on Wednesday, India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy.
In a note on India, the agency said government initiatives to boost private consumption, expand manufacturing capacity and increase infrastructure spending will help offset the weakening outlook for global demand.
In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading in the positive territory while Japan’s Nikkei 225 index quoted lower.
US markets ended lower on Tuesday.
Global oil benchmark Brent crude jumped 1.62 per cent to USD 66.44 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,016.10 crore on Tuesday, according to exchange data.
Retreating from early highs, the 30-share BSE Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 on Tuesday. The Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Business
Piccadily Becomes The 1st Indian Alcobev Company To Adapt NFC Technology To Combat Counterfeiting
New Delhi, Delhi, India – Business Wire India
In a pioneering move to safeguard consumers and reinforce trust in premium Indian spirits, Piccadily Agro Industries Limited has become the first Indian alco-bev company to implement ForgeStop’s cutting-edge anti-counterfeit smart label technology for its acclaimed Indri Single Malt.
With counterfeiting rampant in India – where it’s said that more Scotch is consumed than Scotland even produces – Piccadily has taken a bold and proactive step. By integrating NFC-enabled smart labels into its packaging, the company is setting a new benchmark in authenticity and transparency, investing significantly to ensure consumers receive only genuine, original products, reinforcing trust in premium Indian spirits.
ForgeStop InfoTap Labels on Piccadily products utilize EM Microelectronic echo-V chips with 128bit AES encryption and dynamically changing tokens – giving them bank level security and making them virtually impossible to fake. They also feature tag-tamper detection – alerting a consumer if the bottle seal has ever been broken – this prevents bottle re-use, a major issue with Alcohol counterfeiting that is difficult to combat with other technologies. Its platform creates a unique digital twin of every product at the moment of production and secures the product until it’s enjoyed by the customer. The software allows for app-free authentication and provides batch level product information – making it the most user-friendly anti-counterfeit technology available. This technology can be connected to the blockchain generating an immutable product journey – securing supply chains.
Unlike static technologies such as QR codes or holograms, this NFC tap and verify experience allows customers to simply tap their smartphones to the bottle to instantly confirm its authenticity and view batch-level information.
“As a brand committed to authenticity and quality, we’re proud to be the first Indian single malt brand to take this bold step,” said Praveen Malviya, CEO (IMFL), Piccadily Agro Industries Limited. “Counterfeit alcohol is a serious issue in India and globally. With ForgeStop’s smart technology, our customers can enjoy Indri with the confidence that what’s in the bottle is exactly what we crafted.”
“We’re proud to partner with Piccadily Distilleries, a globally recognized brand leading the way in product integrity. With ForgeStop’s smart label technology, consumers can instantly verify authenticity and access product information with a simple tap-no app required. It’s a seamless blend of security and brand storytelling,” said Terry Katz, CEO of ForgeStop.
As per the TRACIT (Transnational Alliance to Combat Illicit Trade) September 2023 report on India, a significant share of alcohol sold in India is counterfeit-well above the global average-and the problem is escalating rapidly. Counterfeit alcohol not only harms brands but also poses serious risks to consumer health.
With this first-of-its-kind initiative, Piccadily is elevating the standards of transparency, safety, and innovation in the Indian spirits industry-paving the way for a more secure and connected future for whisky lovers.
*Source- Source (TRACIT Report on India)
Source (OECD Illicit Trade Report)
Stock Ticker: (PICCADIL | 530305 | INE546C01010)
About Piccadilly Agro Industries Limited (PAIL)
Piccadilly Agro Industries Limited (PAIL) is a publicly listed company on the Bombay Stock Exchange (BSE: PICAGRO). The company operates primarily in two strategic business segments: Distillery and Sugar. Its manufacturing facility is located in Indri, Haryana, covers 168 acres and is equipped with advanced technology for producing a diverse range of products, including Malt, Extra Neutral Alcohol (ENA), Ethanol, and White Crystal Sugar.
Piccadilly Agro Industries Limited has established itself as a key player in the alcoholic beverages industry, particularly renowned for its expertise in malt spirits. The company boasts a robust portfolio that includes premium expressions of Indri single malt whisky, blended malt whisky brands and Camikara, premium sugarcane juice aged rum.
In 2022, Piccadilly Agro Industries Limited made a significant mark with the launch of ‘Indri’ its flagship single malt whisky brand, aimed at catering to discerning consumers who appreciate quality and craftsmanship in spirits. By focusing on premiumization strategies and leveraging its technical capabilities, the company has successfully positioned itself as a leader in the Indian single malt whisky market by becoming the ‘fastest growing single malt whisky brand’ in 2024.
Website: www.piccadily.com
About ForgeStop
ForgeStop is a connected product technology company that helps brands deliver engaging, trusted product experiences while protecting against counterfeiting, supply chain fraud, and lost consumer trust. Its smart label platform enables interactive product experiences that protect brands and engage buyers.
Website: www.forgestop.com
Media Contact Details
Nazish Khan, Avian WE, [email protected], +91-9538385162
Abhishek Haryson, Avian WE, [email protected], +91-9891356547
Quick Reads
Summary is AI generated, newsroom reviewed.
Filing ITR is crucial for salaried employee, business owner and freelancer.
But do keep in mind the deadlines for various categories of taxpayers.
Filing your ITR on time saves you from late fees, interest, and scrutiny notices
New Delhi:
Filing your Income Tax Return (ITR) is an annual obligation for every eligible Indian taxpayer. It not only ensures compliance with the law but also facilitates access to various financial services like loans, visas and credit cards. An ITR is essentially a declaration of your income, deductions and taxes paid to the Income Tax Department of India. Whether you’re a salaried employee, a business owner, or a freelancer, timely ITR filing is crucial.
Who Needs To File An ITR?
Individuals or entities whose gross total income exceeds the basic exemption limit must file an ITR. For FY 2024-25 (AY 2025-26), the exemption limits under the new tax regime are as mentioned on the Income Tax Department’s website are:
- Rs 3 lakh for individuals
- Rs 3 lakh for senior citizens (60-79 years)
- Rs 5 lakh for super senior citizens (80 years and above)
In the Union Budget 2025-26, the government announced zero tax on income up to Rs 12 lakh. The zero tax will only be applicable to individuals opting for the new tax regime. However, you still need to file an income tax return (ITR), even if your taxable salary is less than Rs 12 lakh. Zero tax is payable due to a tax rebate available under Section 87A of the Income Tax Act, 1961.
ITR must be filed by an individual to claim the tax rebate under Section 87A.
Key ITR Filing Deadlines for FY 2024-25 (AY 2025-26)
| Category of taxpayer | Deadline |
| Individual Salaried Employees / Non-Audit Cases | July 31, 2025 This includes salaried individuals, freelancers, and professionals not subject to tax audit. |
| Businesses Requiring Audit | October 31, 2025 If your business turnover exceeds Rs 1 crore (or Rs 10 crore in certain digital transaction cases), a tax audit is mandatory. |
| Transfer Pricing Cases (International/Specified Domestic Transactions) | November 30, 2025 Applicable for entities involved in cross-border or specified domestic transactions requiring a transfer pricing report (Form 3CEB). |
| Belated or Revised Return | December 31, 2025 |
Filing your ITR on time saves you from late fees, interest, and scrutiny notices. With the Income Tax Department’s e-filing portal, the process has become simpler than ever. Keep your PAN, Aadhaar, bank statements, Form 16, and investment proofs ready to avoid last-minute hassle.
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