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Lib Dems plan a £15billion raid on inheritances passed down between Britain’s richest families, we can reveal.

The party wants to slap taxes of 20% on legacies over £250,000, according to plans which will go before its annual conference next month.

Lib Dem chief Sir Vince Cable hopes to tackle ongoing unrest at his leadership with a series of eye-catching policy proposals around combating inter-generational unfairness that sees wealthy pensioners enjoy retirement while youngsters struggle to pay bills and save for a home.

He said: “While it is increasingly clear that taxes will have to rise if we are to afford the crucial public services and investment we all rely on, hard-pressed workers should not be the only ones paying up.

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“Instead, it is time to put Britain’s wealth to work.”

Figures yesterday showed £5.2billion was paid in inheritance tax last year, with an estimated 5% of estates hit by the levy.

The current inheritance tax threshold is £325,000, with anything above that taxed at 40%.

Last year Labour revealed it would scrap Tory plans to raise the threshold to £1million by 2021.

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Jeremy Corbyn’s party would slash the tipping point from £850,000 to £650,000.

But the Lib Dems want a £250,000 threshold, with anything between £250,001 and £500,000 taxed at 20%, legacies between £500,0001 and £1million hit with a 40% rate and anything over £1million taxed at 45%.

The overhaul would make more estates eligible for taxation and, the party says, the progressive rates would make it fairer so the richest are hit harder.

It risks undermining Lib Dem support among middle class households which refuse to support the Conservatives over Brexit but reject Mr Corbyn’s brand of socialism.

Parents often want to pass on as much of their lifetime savings and their family homes to their children.

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The Lib Dems hope the announcement will help the party capitalise on its anti-Brexit position, which is popular among youngsters.

There are growing fears among some in the party that while the pro-EU stance has won over some younger voters, if Brexit goes ahead then the party could be left floundering without its key policy.

It also wants to shake-up pension tax relief by introducing a flat rate on pension contributions.

Lib Dem Treasury spokeswoman Baroness Kramer said: “Every generation wants better opportunities for their children and grandchildren.

“But while this used to be taken for granted, belief in inter-generational mobility is fading fast.

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“The proposals we are setting out today are a serious step towards redressing the economic imbalances between the generations, which is vital to achieving that goal.”

The plans will be voted on by activists at the party’s annual conference in Brighton.