A Labour government in power could enforce inheritance tax to “redistribute” wealth, a leaked recording of a shadow frontbencher has suggested.
Darren Jones, shadow chief secretary to the Treasury, told the public conference that money from punitive taxation should be used to tackle “generational inequality”.
The leaked recording includes: report By The Daily Telegraph“There are huge amounts of inherited wealth flowing through the system,” said Jones, who would be responsible for public spending if Labour wins the election as expected.
The promised tax increases are the antithesis of the Reform Party’s economic policy, which sees tax cuts as a way to stimulate the economy, not punish those who are successful.
‘Great UK Tax Cuts’: Farage launches economic reform agendahttps://t.co/6ZOwvuVYyF
— Breitbart London (@BreitbartLondon) June 11, 2024
Inheritance tax is currently charged at 40% on the value of an estate over £325,000.
At a conference in Bristol in March, Jones was quoted as saying:
There was a bit of a debate in Westminster about inheritance tax, because there were plans to abolish it, but we didn’t think that was the right thing to do because it would mean huge amounts of inheritance wealth would flow through our system because of home equity values.
In terms of intergenerational inequality, we think it’s important that inheritance tax remains, because it allows us to recapture some of the value and redistribute it between generations.
Up to 6% of land will be subject to the tax by the end of the next parliament.
Senior Conservative leaders said the comments showed the party’s tax plans were “out of the woods”. Daily Mail Report.
