Labour's Darren Jones says there are (Image: Getty)
Labour could be plotting an inheritance tax raid to “redistribute money” across generations, a bombshell recording has revealed.
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Shadow chief secretary to the Treasury Darren Jones told a public meeting that Labour had opposed plans to abolish Britain’s most hated tax because there was a “bulk coming through the system of huge amounts of inherited wealth”.
The Tories seized on the comments, warning that if Sir Keir Starmer’s party wins on Thursday, “they will tax you, your home, your car, your pension”.
The number of families who could be forced to pay inheritance tax could rise by 50 per cent in the next five years, as thresholds at which the tax is payable have been frozen while house prices continue to rise.
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Keir Starmer has refused to rule out some tax rises (Image: Getty)
Inheritance tax is currently charged at 40 per cent on the value of estates above ￡325,000.
It is forecast to bring in ￡9.7bn a year for the Treasury by 2028/29. The Conservatives have floated the idea of scrapping it entirely to allow families to keep their hard-earned wealth.
At the public meeting in March in a village hall in Bristol, Mr Jones said: “We’ve had a bit of a debate [on IHT] in Westminster because there were some plans to abolish it, we said on our side of the House we didn’t think that was the right thing to do, because there was going to be this, kind of bulk coming through the system of huge amounts of inherited wealth in our country, largely off the back of housing asset values.
“And whilst we think the capital gains on primary residences is not the right answer, we do think the inheritance tax regime – even though some people say it’s unfair because they say it’s a double taxation – for the intergenerational inequality point we think it’s important that inheritance tax remains because it does allow you to get some of that value back in, to be able to redistribute across generations.
“It’s not a silver bullet, but I think it’s probably where the political consensus is going to have to be.”
He also told the audience: “You could say that on inheritance tax, you need to think of the inheritance tax as a way to redistribute money through.”
Laura Trott warned Labour will increase taxes on families (Image: Getty)
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Conservative Laura Trott, the Chief Secretary to the Treasury, said: “This is what we have been warning about and now the cat’s out of the bag. Labour are saying one thing before the election, but make no mistake – if they win, they will tax you, your home, your car, your pension.
“While Labour have been campaigning on a ‘nothing to see here’ policy platform, they have been telling journalists off the record they plan a whole raft of new taxes if they are elected. Now we know where they plan to tax first. People’s family homes – the cornerstone of most families’ financial security.
“This is what a Starmer supermajority means: tax rises on hard work and aspiration. If you want to stop the Starmer supermajority, the only way is to vote Conservative on Thursday.”
The number of households which could be dragged into paying inheritance tax could increase from four per cent of estates to six per cent.
A Labour spokesman said: “This is total nonsense. Nothing in our plans requires any additional tax to be increased. We have set out fully costed, fully funded plans, with very specific tax loopholes we would close.
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“We have said very clearly that our interest isn’t in raising taxes – our priorities are economic growth and making working people better off.
“Promising ￡71 billion in unfunded election promises, embarrassing the country and our veterans at D-Day, and lying through their teeth to cling on to power. Who would have expected any better from a Conservative party where after 14 chaotic years it’s impossible to point to a single achievement?”
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