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Inheritance tax unpopular

Labour and Corbyn are coming after your home with inheritance tax wealth grab

Jeremy Corbyn's tax assault includes a second homes tax, reversing inheritance tax cuts made by the Conservative Party, a transaction tax on bankers, VAT on private schools and a windfall tax on oil companies.

The Labour Party leader’s huge array of levies aims to raise the £82.9billion needed to fund these tax hikes in the event of the party coming into power following the general election on December 12.

But the Tories have now upped the stakes in the war of words as the battle lines are drawn ahead of next week’s national poll.

It has posted a tweet listing ‘Labour’s 12 taxes of Christmas’ in reference to the famous festive song.

They are listed as higher inheritance tax, marriage tax, higher petrol tax, heating tax, pensions tax, small business tax, drivers tax, home tax, movers tax, gifts tax, income tax and holiday tax.

One of the standout policies is the removal of the inheritance tax relief, which enables people to leave their homes to their family tax-free.

Currently, a person leaving their home to a direct descendent can pass on an additional £150,000 tax-free on top of the £325,000 standard allowance each person is entitled to.

The average price for a house in Surrey:

Detached

£855,265

Semi

£497,333

Terraced

£416,147

Flat

£295,343

All

£521,072

Surrey is an expensive place in which to live because it is in the commuter belt, an area with easy access to central London for those working in the city

When a person works full-time, they pay very high rates of tax, they should not be charged twice on the income earned. Most people work hard with the intention of leaving something to their dependents NOT the taxman.

It is said that people living in Social Housing have more spare money than those who own their own property and have to pay for mortgages, taxes, insurances and repairs etc

The Labour Party is planning the removal of inheritance tax relief

Married couples and civil partners are also able to benefit from their partner’s allowance if the latter dies.

This means a couple could pass on £300,000 worth of property without incurring tax.

Under the Tories, the amount of property wealth to be passed on without incurring a tax hike is due to increase to £175,000 next year and £350,000 for a couple.

But this would be under serious threat if Jeremy Corbyn and Labour win next week’s general election.

Rachael Griffin of wealth manager Quilter said: “While convoluted, the rationale behind it was that people wanted to pass their homes onto the next generations: scrapping the allowance and not replacing it with anything else will stem the flow of wealth between the generations.”

Inheritance tax raised £5.3billion for the Treasury in 2018 but if next year’s proposed increased allowance is abolished, people will see the inheritance tax their families have to pay surge by up to £14,000, according to calculations by accountancy firm Black Rothenberg.

The calculations state a person without unused allowance from a deceased spouse or civil partner would lose out by £70,000.

In their general election manifesto, Labour cited reports the Treasury deemed the family home allowance a benefit that predominantly favours high income and wealthier households.

jThe Government has estimated the cost of providing the tax relief will surge to £725million by 2022 - with the huge savings helping to pay for Labour’s massive spending spree.

Labour’s spending plans have been roundly lambasted by critics, who warned they would pile millions of pounds of tax hikes and debt onto Britons.

Matthew Lesh, head of research at the Adam Smith Institute, told Express.co.uk: “Labour is trying to bribe voters with a shopping list of rotten promises.”

Dinesh Dhamija, Liberal Democrat MEP for London and the British Indian entrepreneur best known for founding online travel agency Ebookers, said: “The plans are hogwash - a mirage to put in front of people. Promising free prescriptions and free care for the over 65s for example is a bribe for a particular sector of votes.”

It was the Labour party, that in previous years did a deal that meant English taxpayers are paying for free services in Scotland. One instance of this is University charges. A student leaving Uni in England could be left with a £50,000 bill, whereas a student in Scotland has FREE education which the English pay for.

The labour has plans to give everyone free broadband. This will make THOUSANDS jobless. In the UK a large number of Pubs and Cafes rely on offering free internet to customers in order to keep open. Also, a great many offices rely on HOT DESKS to keep open. Regus have a worldwide network of offices offering anything from virtual offices to hot desks and have more than 60 offices in the UK. There are a great many other similar office complexes offering support and hot desks along with training.

Wealthy people
will leave UK

Billionaire Phones4U founder John Caudwell has savaged Labour's plans to soak the rich as he warned John McDonnell the party's tax measures could spark an exodus of wealthy people from the UK

Labour has vowed to hike up taxes on the top five per cent of earners and to reverse cuts to corporation tax if it wins power at the general election on Thursday.

But Mr Caudwell said 'nearly every wealthy person I know is thinking of leaving the UK including me if Labour get in' as he challenged Mr McDonnell during a face-to-face meeting.

Mr Caudwell, a well-known philanthropist, slammed Labour's approach to business and said it 'frightens the living daylights out of me' after he was invited for tea by Mr McDonnell.

He also revealed he would not have started his business if the current version of the Labour Party was in charge at the time.

Mr McDonnell told Mr Caudwell he did not believe the latter claim as the shadow chancellor insisted Labour's plans would create a fairer society.

Businessman John Caudwell told John McDonnell that he was afraid of what a Labour government would do to the UK's business community

Mr Caudwell, who founded Phones4U, told the shadow chancellor 'nearly every wealthy person I know is thinking of leaving the UK including me if Labour get in'

John Caudwell has face-to-face meeting with John McDonnell

Who is John Caudwell?

A 67-year-old billionaire philanthropist who co-founded the mobile phone company Phones4U.

He sold the business in 2006 for a sum of £1.5 billion, making him one of the UK's richest people.

A supporter of Brexit, Mr Caudwell has founded two charities : A children's charity called Caudwell Children and Caudwell LymeCo which was set up to help people who suffer from the effects of Lyme disease and to raise awareness.

He grew up in Stoke-on-Trent and lived in a caravan with his first wife after they first got married. He is now separated and has five children.

He said in an interview published earlier this year that the most expensive thing he has ever bought was a £35 million 73-metre yacht which he described as 'a bargain'.

Labour's mass public ownership plans slammed by UK industries

Labour's nationalisation plans were today slammed as 'bad for customers, the environment and the economy' after John McDonnell said the party would launch its state takeover of key industries within weeks of taking power.

Mr McDonnell used a speech in central London to tell voters that starting the process of taking ownership of water, energy, rail and even broadband would be a key priority in Labour's first 100 days in office.

He also announced that if the party is victorious at the ballot box on Thursday he would hold his first budget as chancellor on February 5, setting out plans to 'save the NHS' and end austerity 'once and for all'.

Nationalising a selection of key industries is a major plank of Labour's election offering to voters but the Institute for Fiscal Studies think tank said it would cost at least 'many tens of billions of pounds'.

Meanwhile, there are growing concerns the shift from private to public ownership could cause massive disruption and some businesses fear a return to the chaos of the 1970s.

Labour is planning to pay for much of its eye-wateringly expensive manifesto through tax rises on the rich which means that if a significant number of wealthy people were to leave the UK the party's plans would likely be left in tatters.

The row between the two men came as a poll showed the Tory lead over Labour had narrowed to six points, Mr McDonnell's plans to nationalise numerous UK industries were heavily criticised and Boris Johnson became embroiled in a row over NHS funding.

The shadow chancellor claimed during the sit down with Mr Caudwell that the 'existing system is collapsing around our ears' - something the businessman dismissed.

Mr Caudwell said: 'I've paid over £300 million in total if you take capital gains tax as well as income tax.

'I'm happy to do that because it is a contribution to society, the society that helped me be successful and a society that desperately needs my tax dollars.

'In addition I spend probably at least 60 or 70 per cent of my waking hours on charitable purposes.'

Asked by the BBC interviewer moderating the exchange why he was so concerned about Labour's tax plans, Mr Caudwell said: 'When I hear words like, or phrases like, "nobody deserves to be a billionaire" and phrases like, "we're going to tax high technology companies", it frightens the living daylights out of me and out of society.'

Mr McDonnell tried to assuage Mr Caudwell's fears and said: 'I applaud what you do. I have actually said I do pay tribute to those people, the entrepreneurs who create the wealth, who pay their taxes and act responsibly.

'I do that every time. But is it about having a fair taxation system as well.'

Mr Caudwell interrupted and said changes to the tax system had to be made 'pragmatically' to which Mr McDonnell replied: 'That is exactly what we are doing though John.'

The shadow chancellor continued: 'If you look at our proposals in this election, we are talking about the top five per cent paying a bit more in terms of income tax rate.

'Again, not significantly more. We are looking at, yeah, reversing some of the corporation tax cuts, not all.'

But McDonnell dismissed Mr Caudwell's concerns and said he did not believe the businessman's claim that he would not start his business under the current version of the Labour Party

Jeremy Corbyn today tried to inject some energy into Labour's general election campaign with a mass rally in Bristol

'People don't trust Boris Johnson': John McDonnell on tactical voting

Meanwhile, Boris Johnson, pictured in Washington in the north of England, targeted Labour's heartlands in a bid to secure a majority
Boris Johnson grabs reporter's phone in bizarre NHS row

Boris Johnson bizarrely took a reporter's phone and put it in his pocket today after refusing to look at a photograph of a sick four-year-old boy who was forced to lie on a hospital floor.

The PM took evasive action despite apologising to the family of Jack Williment-Barr, who was taken to Leeds General Infirmary by ambulance last week with suspected pneumonia.

As there were no beds and the department was experiencing its busiest week since 2016, he was left lying on a pile of coats in a clinical treatment room, attached to an oxygen mask.

Speaking on the election trail in the north of England today, the Prime minister said sorry and pointed to the huge investment being pledged by the Tories.

But when ITV reporter Jo Pike tried to show him the picture of the boy on his phone, Mr Johnson declined to look at it. He eventually took the device and put it in his pocket before then retrieving it and looking at the picture.

Asked if he would have started his business under a government led by Jeremy Corbyn, Mr Caudwell said: 'The Labour Party as it stands today, if they were in power, no, I would not.'

Mr McDonnell said: 'I don't believe that.'

Mr Caudwell continued: 'No, it's true. You can't challenge me on that. Why would I stay in a political environment that's unfriendly and not encouraging entrepreneurship?'

The shadow chancellor insisted Labour was pro-business but Mr Caudwell said: 'No, you're not because what you're doing is you're creating a divisive message.

'What you are doing as a Labour Party is destroying confidence and if you destroy confidence, nearly every wealthy person I know is thinking of leaving the UK including me if Labour get in.'

Mr McDonnell told the businessman: 'If people have anxieties come and see us.'

Mr Caudwell has been a vocal critic of Mr Corbyn's approach to business during the latter's time as Labour leader. The businessman is also a supporter of Brexit.

Mr Caudwell is estimated to be worth £1.5 billlion having sold Phones4U in 2006 and he reportedly pays more tax than anyone else in the whole of the UK.

He has previously said that if he was the chancellor he would offer incentives to wealthy business owners to move their operations to the UK.

Boris Johnson and the Tories' general election poll lead is down to just SIX points as Jeremy Corbyn and the Labour Party try to scupper the PM's hopes of winning a majority

Boris Johnson and the Tories' lead over Jeremy Corbyn and the Labour Party has narrowed to just six points with the general election three days away.

The Prime Minister has consistently been polling double digits ahead of Mr Corbyn but a new ICM Research survey suggests the race for Number 10 is tightening.

The poll, conducted between December 6-9, puts the Tories on 42 per cent - the same rating as the company's last survey published at the start of the month.

But Labour has gained one point and is now on 36 per cent overall, boosting the party's hopes of depriving Mr Johnson of a majority.

A six point lead for the Tories if replicated at the ballot box on Thursday would likely put the UK on the brink of another hung parliament.

The survey will spark alarm bells at Conservative Party headquarters and while it will be welcomed by Labour it suggests the party may have left it too late to overhaul the Tory lead and win a majority of its own.

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A new ICM Research poll has put the Tories on 42 per cent and Labour on 36 per cent - a lead of six points

However, in a sign of just how unpredictable the election race is, a separate poll published overnight gave the Conservatives a 14 point lead over Labour.

That poll, conducted by Survation between December 5-7, puts the Tories up three points to 45 per cent and Labour down two points to 31 per cent when compared to a previous survey published on November 30.

A 14 point lead on polling day would deliver Mr Johnson a thumping parliamentary majority.

The new polls were published amid a renewed bid by pro-Remain campaign groups to urge people to vote tactically on December 12.

People's Vote, Remain United and Best for Britain - three of the biggest pro-EU campaign groups - have joined forces to issue a statement calling for people to work together to 'block Brexit' in marginal seats.

The groups are hoping to prevent Mr Johnson winning a majority in order to force a second referendum.

In the joint statement Naomi Smith, CEO of Best for Britain; Stuart Hand, director of People’s Vote and Gina Miller, founder of Remain United, said: 'In these final few days of the election campaign, as voters make up their minds, the choice has never been starker or the consequences more profound.

But a separate Survation poll put the Tories 14 points ahead of the Labour Party with three days until the nation goes to the ballot box

'That's why Remain United, People’s Vote and Best for Britain are speaking with one voice to remind voters of the power of their own voice and their ability to defeat the Tories in dozens of key target and marginal seats around our country.

'The only option left to voters wishing to avoid the dire consequences of Boris Johnson’s Brexit on the UK is to vote tactically on December 12.'

The statement comes after polling for Best for Britain suggested that tactical voting in 36 marginal seats could scupper Mr Johnson.

In those seats it would take 2,500 tactical votes or less to prevent a Tory hold or gain, according to the data published by the group.

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