As unlikely as many see it, if Boris Johnson loses his job to send the Conservative party further into the mire, Jeremy Corbyn could be the next UK prime minister. In June, the labour party leader said, “The very richest in our society have had tax breaks, giveaways and tax havens; they’re living on borrowed time.” What could be perceived as generous breaks such as the Residential Nil Rate Band for married couples to help avoid inheritance tax, different types of trust (loan, discounted gift), business relief, pension tax relief, especially for higher rate taxpayers, child benefit and a high threshold (£50,000) of income before paying higher rate tax are all potential targets for a Labour Party leader keen to ‘level the playing field’.
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