Jeremy Corbyn is planning to hit thousands more families with huge Inheritance Tax bills if he becomes Prime Minister, it emerged today.
Corbyn’s right hand man John McDonnell confirmed that Labour want to lower the threshold so couples are hit harder when they die. At present couples can combine their allowance up to a threshold of £850,000 – but Labour want to halve that to £425,000 or possibly even lower.
The move will be particularly devastating for families in London, where latest statistics show the median price of homes is £430,000 – meaning more than half would be eligible for Inheritance Tax which is currently set at 40%.
Analysis of ONS data shows other areas where at least half of homes will be hit include St Albans, Chesham and Amersham, Hertsmere, and Esher and Walton.
It is one of a series of tax hikes that Corbyn is planning to impose if he makes it to Downing Street.
Responding, Housing Minister Gavin Barwell said: “Not content with hiking taxes on the living, now Jeremy Corbyn wants to hit you harder when you die.
“This nonsensical and unfair idea would punish people who have worked hard, saved all their lives and want to pass on the family home to their children.
“It is yet more proof of the huge new tax and debt bombshell Jeremy Corbyn will drop on Britain’s families to pay for his reckless spending promises if he makes it to Downing Street, propped up in a coalition of chaos by the Lib Dems and the SNP.”