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Plan for £500k IHT threshold

LibDems have backed scrapping higher-rate pension tax relief and raising the inheritance tax threshold.

The proposals will form part of the party’s manifesto for the next general election after delegates voted them through at the party conference.

The LibDems want to raise the IHT threshold to £500,000 and extend the seven-year rule on lifetime gifts to 15 years.

The “slab” structure of stamp duty would be reformed with the long-term objective of ensuring that less tax is paid on house purchases up to £500,000.

Basic-rate income tax would be cut by 4p and council tax replaced with a local income tax. Other proposals include axing taper relief on capital gains, simplifying the tax code, increasing green taxes and bringing gains on property made by non-domiciles within capital gains tax.

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