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Corbyn attacks IHT ‘tax break for richest’

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Labour leader Jeremy Corbyn wants to see a graded system of inheritance tax to combat what he sees as a “tax break for the very richest”.

Corbyn told the BBC’s Andrew Marr programme yesterday that increasing the inheritance tax threshold to £1m, as set out in the Budget, amounted to a tax break for the wealthiest 60,000 families.

He said: “The richest 60,000 families have suddenly had a tax break.

“It should be graded actually. Somebody leaving a normal house to their children or family – fine. But when you cut the overall rate of inheritance tax that means that the very richest become richer because of it.”

Corbyn said he hopes to lower the rate of income tax for the least well off, and called on the Government to do more to clamp down on corporate tax avoidance.

The Labour leader will be addressing the party conference in Brighton later today.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Well someone clearly doesn’t understand how the new residence nil-rate band (R-NRB) will work! It isn’t a £1m NRB, unless a number of criteria are met and they have full transferable standard NRB. This article clarifies:-
    http://www.professionaladviser.com/professional-adviser/opinion/2423128/when-is-a-gbp1m-nil-rate-band-not-a-gbp1m-nil-rate-band

  2. Clueless! The only problem is that all his followers are so equally ignorant of the actual details that they will believe every word and it will become ‘fact’!

  3. As they say, “a little knowledge is dangerous” – the problem is when its spouted off by those in the public eye, it’s deadly!

  4. When you consider his academic qualifications, it isn’t hard to understand why he is so clueless.
    Does it really not occur to him that:
    1. The better off pay by far the largest proportion of tax.
    2. Those who have accumulated wealth have in the most part done this through the careful husbanding of their net income. That is Mr Corbyn (in case you are unfamiliar with the concept) they have already paid the tax before they were able to spend the money on accumulating their assets.

    To paraphrase:
    A little learning is a dangerous thing;
    there shallow draughts intoxicate the brain.

    No doubt – Corbyn is dead drunk.

  5. Did Corbyn mention the extra cut to the LTA and the reduction in the Annual Allowance for additional rate taxpayers as well? It wasn’t all good news for the first Tory Budget.

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