Labour Minister Opens Door to Massive Budget Inheritance Tax Grab – Guido Fawkes

WATCH: Labour Minister Opens Door to Massive Budget Inheritance Tax Grab

Labour minister Diana Johnson has left the door open to a massive inheritance tax grab from Reeves at the next budget. Here we go…

The Guardian reported last night that the Treasury is actively considering a cap on the value of gifts that can be transferred IHT-free as well as changing parameters of the taper rule which reduces IHT liability depending on how many years assets were transferred before death. Extending the most unpopular tax in the UK would be a decision…

Johnson said on Sky News that the previous tax hikes were useful to her brief:

“I’m not the Chancellor and she’s obviously going to announce her budget in the autumn and we’ll make her announcements then. But what I’m really clear about is that the decisions that she’s already taken have allowed, for example, for me as the policing minister to make sure that we’re getting those 3,000 additional police officers this year into our communities to keep people safe. So I think the budget will come in October and we’ll hear then what she wants to announce.”

The Treasury is also reported to be considering a straight increase in the rate of capital gains tax with a potential exemption for some forms of investment. Grind that economy to a halt…