Fears Raised Over Incoming Labour Gift Tax
The Telegraph reports today that taxpayers are accelerating pension contributions and realising assets ahead of a Labour capital gains tax hike in the budget on October 30th. Flurrying rumours are that Labour is crystallising plans for their other preferred ‘wealth’ tax hike…
Guido hears that plugged-in tax lawyers are actively preparing for the long-feared implementation of a gift tax. Specific rumours are coming thick and fast through the grapevine that Labour will remove the seven year rule on inheritance tax in order to charge on all assets passed down to next of kin at any point in life, as opposed to during the seven years prior to death. A massive extension of the tax Brits judge to be the most unfair and one that actually worsens wealth inequality…
