A LABOUR plot to raise inheritance tax has been branded “politics of envy”.
The move would hit strivers who had “worked hard, saved responsibly, and hope to leave something behind”, senior Tory Mel Stride claimed.
Chancellor Rachel Reeves is reportedly considering tightening the rules on how much money people can gift to their loved ones.
She is scrambling for ways to fill a financial black hole as big as £50billion at the autumn Budget after failing to drive growth or slash public spending.
Having had to rule out increases in the headline rates of income tax, VAT or National Insurance, Ms Reeves is considering squeezing more funds from death duties.
This could include a lifetime cap on the amount that can be gifted to loved ones.
Shadow Chancellor Mr Stride said: “Nothing is safe — not your savings, not your pension, not even the gift of helping your children.
“It’s the same old Labour: tax first, think later.
“This is the politics of envy and working families will pay the price.”
Policing Minister Dame Diana Johnson did not rule out the changes yesterday, saying taxes helped to pay for public services.
Chancellor Rachel Reeves is reportedly considering tightening the rules on how much money people can gift to their loved ones[/caption]
