Jeremy Corbyn wants inheritance tax change

The new leader of the Labour party told the BBC on Sunday that the system should be tiered, so that a "normal house" should be able to be passed on tax-free. Unless a Corbyn led cabinet would accept such a policy would lead to a lower tax take from IHT, it would mean a higher tax rate for the most wealthy estates. In the Summer Budget in July the Tories raised the threshold at which the tax - 40% at present - is paid so that after 2017 a couple with an estate worth less than £1m would pay nothing. Under the current system individuals start paying the tax at a single rate of 40% on ...