SOCIAL mobility will be further hit under Labour proposals to stop families passing on their hard-earned money to their children with a Lifetime Gifts Tax. Any money passed on from parents to children beyond a total limit £125,000 during their lifetime will be taxed. That means a more severe form of inheritance tax would be introduced by a Labour government, way beyond the current 40 percent payable over a threshold of £475,000.
Source: Daily Express :: Comment Feed https://ift.tt/2xszerg
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