TaxPersonal TaxSuper-rich inheritance tax considered

Super-rich inheritance tax considered

The Labour Party is to study the findings of report by a leading think tank into the possibility of introducing a 50% inheritance tax for the super-rich.

Link: Soaring house prices deliver Treasury windfall

Undertaken by the Institute for Public Policy Research, it claims the chancellor could raise £147m a year through the special tax rate.

Downing Street distanced itself from the report but opposition parties claimed Labour had ‘let the cat out of the bag’ and was planning a raft of tax rises if they win the next election.

The IPPR plan would see the IHT threshold remain at £263,000.

Above that, the 40% tax rate would be replaced by 22% marginal for up to £288,000, increasing to 40% for amounts up to £763,000.

The 50% rate would only apply to estates over £763,000.

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