Solicitor struck off for “preying on vulnerable clients”
A solicitor has been struck off for writing wills that left him and his family sizeable legacies. The Solicitors Disciplinary…More
The Labour Party is looking into potentially reducing the Inheritance Tax threshold from £475,000 to £125,000 in a bid to raise revenues should it win a future election.
Shadow chancellor John McDonnell said the party was exploring ways the system could be updated. He added that a future Labour government would be interested in introducing a lifetime gifts tax that could replace the current inheritance tax system.
“We are looking at it,” Mr McDonnell told Sky News, “I think it’s interesting, we need to have a fairer system of how we can ensure that wealth is more fairly distributed.”
A report commissioned by the party suggests Labour’s plans to remove inheritance tax breaks for main residences would be an “important interim step”.
It also recommended the introduction of a tax for equity withdrawals, which it suggests is a “key means of avoiding inheritance tax”.