How Corbyn's tax bombshell would wreak 'HAVOC' on hard-working families - ...

Jeremy Corbyn has proposed radical new plans to squeeze more money from inheritances and tax profits on family houses, something Boris Johnson has described as “mad”. The new plans, outlined in the report titled Land For The Many, would see parents who want to help their children get on the housing ladder be severely penalised. Under Mr Corbyn’s proposals, inheritance tax would be replaced with a “lifetime gifts tax”, with an allowance of just £125,000 protected - less than a third of the current £325,000 threshold.

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George Bull of tax firm RSM UK said of the proposals: “"If a Labour government forces recipients of lifetime gifts to pay income tax on them, it will play havoc with family tax planning generally and the Bank of Mum and Dad in particular.”

The report also proposes scrapping the Capital Gains Tax expedition on main homes, forcing owners to pay income tax on the profits when they move home.

Such a move would result in a “double whammy” levy on their estates when the owners die.

Homeowners in London and the southeast would be hit especially hard, as tens

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