Labour's shock IHT plan

Labour’s shock lifetime gifts tax plan According to the Times, Labour is considering a "lifetime gifts tax" which would reduce the inheritance tax allowance to £125,000. The Labour-commissioned Land for the Many report claimed the move would raise £9.2bn more than the present system. But the party was accused of planning a massive tax raid on middle-class parents who help their children get on the housing ladder. Paul Scully, vice chairman of the Conservative Party, said: “This is yet another Labour tax raid in Corbyn's war on homeowners.” Former Cabinet minister Priti Patel added: “Corbyn's Labour have no respect for the millions of people across the country who work hard to provide economic security for themselves and their families. Labour's disregard of people, their rights and freedoms is exactly why socialism never works and it will never work in Britain.”