Labour consider inheritance tax rise in further raid on middle classes
The Labour Party is considering raising inheritance tax in a further raid on the middle classes, The Telegraph understands. A change to inheritance tax would come on top of other plans by Labour, including reversing the Government’s plan to abolish the lifetime cap on tax-free pension savings and cancelling tax breaks for private schools. Labour’s “grey book”, which it published alongside its last manifesto in 2019 to explain how it would fund its spending commitments, pledged to reverse George Osborne’s inheritance tax cut. A Labour Party spokesman said the 2019 manifesto is “ancient history” – yet declined to rule out whether the policy on inheritance tax would feature in their next major policy announcement. “We are most likely to take on the second homes tax and reversing the George Osborne inheritance tax cut policies.
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