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LibDems planning 500k IHT nil rate

The LibDems have unveiled radical plans to cut the basic rate of income tax to 16p and almost double the inheritance tax threshold to 500,000.

Speaking in London, leader Menzies Campbell also announced plans to reform the structure of stamp duty and replace council tax with a local income tax.

To pay for the proposals, which the Institute of Financial Studies has evaluated as cost-neutral, the LibDems say they would increase green taxes and clamp down on what they describe as IHT loopholes.

They are also calling for pension tax relief to be restricted to basic level for all taxpayers.

The LibDems says the plans are a development of those approved at last year’s conference and would lift the tax burden on low and middle-income earners while making the rich and people with environmentally-damaging lifestyles pay a fairer share.

Campbell said: “Low and middle-income earners in this country shoulder too heavy a tax burden. By cutting the basic rate of national income tax by four pence in the pound, the Liberal Democrats are proposing the lowest basic rate since 1916.”

Bloomsbury Financial Planning certified financial planner Robert Lockie says: “Simplifying tax is always good but it may be just the party stating that it will close tax loops to get more votes.

“It can never get into power so it can make a lot of noise and propose radical changes. Most parties have been promising this for a while. It also depends on what you consider to be a tax loophole.”

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