Jeremy Corbyn shock: Labour planning to tax parents’ gifts to children in ...

Jeremy CorbynJeremy Corbyn s planning a huge tax raid on children who inherit homes from their parents (Image: GETTY)

The Labour leader’s proposal replaces inheritance tax with a “lifetime gift tax”, The Sunday Telegraph reported. The tax will apply to property or cash given to individuals during the course of their lives. The report, Land for the Many, claims it would help “the better sharing out” of “unearned windfalls”.

Related articles
Noel Gallagher delivers expletive-laden Brexit rant against Remainers
If Boris Johnson wins best UK likely to get is rehash of May's deal

Labour hope the tax would add £9 billion a year to the Treasury.

The current system allows parents to avoid inheritance tax if they gift their children more than seven years before their death.

Duncan Simpson, Research Director at the Taxpayers’ Alliance (TPA), referred to the “very common method” known as the seven year rule.

Mr Simpson told Express.co.uk: “There are different ways to limit your inheritance tax liability. A very, very common one is what’s called the seven year rule.

READ MORE: Corbyn crisis: Labour leader sued over comments in anti-semitism row

Get the latest news delivered to your inbox

Follow us on social media networks

NEXT Labour ‘hammering families’ with ANOTHER tax raid on 10m hard-working ...