Labour Has Broken Its Manifesto Promise , Increased Taxes Expected In Budget

Rachel Reeves is planning to raise inheritance tax as part of a push to collect up to 35 billion in the upcoming Budget. Currently, the tax is set at 40 on estates valued over 325, 000 when someone dies. Reeves is considering changes such as raising the tax rate, lowering the threshold, or adjusting exemptions. For instance, the rule that allows gifts given more than seven years before death to be taxfree might be revised. Other changes could affect tax breaks for businesses and farmland. These potential reforms are expected to spark controversy. Although only 4 of estates pay inheritance tax, many see it as unfair. Jeremy Hunt, the Shadow Chancellor, has criticised it as Reeves Budget on October 30 is expected to include significant tax hikes. Dr David Bull hosts a headtohead debate with journalist Nichi Hodgson and Conservative councillor, Noah Khogali. , news, politics, money, tax, labour, keirstarmer, uk, talk, talkradio