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Labour Minister Opens Door to Inheritance Tax Raid as Chancellor Scrambles to Plug £50bn Spending Hole
In a move that may not sit well with many, Labour’s policing minister, Dame Diana Johnson, has left the door open for an inheritance tax raid. The Chancellor, Rachel Reeves, is reportedly scrambling to plug a whopping £50bn spending hole in her next budget.
The proposed changes aim to tighten rules around gifting assets and money to help fill this massive fiscal gap. One potential solution being considered is a lifetime cap that would restrict the amount of gifts made before an individual’s passing. The Guardian reported on these claims, stating that tightening up these gift-giving regulations could bring in significant revenue.
The Conservative Party has been quick to respond, warning that such measures would “punish” savers for Labour’s fiscal black hole. Sir Mel Stride, a Tory MP and shadow chancellor, cautioned against penalizing individuals who have worked hard, saved responsibly, and hope to pass on their earnings to loved ones. He emphasized that this would be an example of the “politics of envy,” as those who have been frugal and forward-thinking are being targeted.
In addition to this potential inheritance tax raid, Chancellor Reeves is said to be looking at a fresh hike in capital gains tax rates. Furthermore, Ms. Reeves may implement further ‘stealth’ and ‘sin’ taxes on certain goods and services deemed harmful or detrimental to the public’s well-being.
Source: www.dailymail.co.uk
