Inheritance tax to rise in Budget as Reeves plans to hit well-off
The IndependentSign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Unfortunately it looks like it will be people who have saved all their life to provide an inheritance to their family who will pay the price for Labour’s tax rises.” Former Tory leader Iain Duncan-Smith echoed Mr Hunt’s concerns, telling The Independent: “The reality is that this will punish lots of quite ordinary people who have worked hard and want to put something aside for their families. It’s just another tax on hard work.” Money expert Martin Lewis warned that while the tax does “make the wealthiest a bigger brunt, in reality psychologically many, many more people than who will pay Inheritance Tax fear it”. John O’Connell, chief executive of the TaxPayers’ Alliance, said: “Taxpayers will be dismayed at reports that the chancellor intends to increase inheritance tax in the budget.“With the threshold already frozen, more and more estates are being hit by this vindictive levy which leaves grieving families with huge tax bills at the worst possible time. Labour’s manifesto promised no increase in taxes on working people, saying this is “why we will not increase national insurance.” But ministers have argued the pledge only applied to the employee rate of national insurance, which sits at 8 per cent, and not the 13.8 per cent employer contribution rate.
History of this topic
Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year
Daily Mail
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Daily Mail
Rachel Reeves is warned a generation could abandon farming as she defends Budget inheritance raid
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Labour’s lost love for our cultural heritage
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Rachel Reeves warned inheritance tax plans will backfire
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The real problem facing Rachel Reeves over inheritance tax...
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Starmer’s blueprint for a tax war on pensioners
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Reeves declines to rule out inheritance tax hike amid ‘painful’ Budget warning
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The chances of a Labour landslide are diminishing by the day
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Labour consider inheritance tax rise in further raid on middle classes
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Households paid an average of £821 more in tax in the first nine months of year
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Jeremy Hunt move will make more people pay inheritance tax
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Institute for Fiscal Studies says rising inheritance will hit social mobility. What’s the solution?
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