June 30, 2019 / 9:09 AM / 21 days ago

UK's Labour interested in new inheritance tax - McDonnell

FILE PHOTO - Britain's Shadow Chancellor of the Exchequer John McDonnell of the Labour Party, arrives for cross party Brexit talks at Cabinet Office in London, Britain May 7, 2019. REUTERS/Toby Melville

LONDON (Reuters) - Britain’s opposition Labour Party is interested in a plan to replace inheritance tax with a lifetime tax on all gifts from parents to their children over a certain threshold, its finance chief John McDonnell said on Sunday.

Media reports have suggested Labour could introduce a new lifetime tax on all gifts above 125,000 pounds ($158,662).

“We’re looking at it,” McDonnell told Sky News.

“I think it is interesting, we need to have a fairer system of how we can ensure that wealth is more fairly distributed. That is one idea.”

($1 = 0.7878 pounds)

Reporting by Kate Holton; Editing by Alexander Smith

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