Labour death tax to hit 1 in 5

Labour death tax would hit one in five

Chancellor Philip Hammond has warned that Labour’s plans to reduce the IHT threshold would “punish” 3.9m households and force a further 1m homeowners to pay the tax by 2022, bringing the total number liable to 4.9m - just under 20% of households. Labour’s manifesto states that the party would require families to pay 40% on homes valued at £425,000. Mr Hammond said to bring the tax down to that level was “just wrong”. “It hits people who have done the right thing and instead of spending their money on exotic holidays have improved their homes or have saved up to move on and buy a better home.”

Source:   Sunday Express (21/05/2017)

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