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.