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UK's Labour interested in new inheritance tax - McDonnell

LONDON, June 30 (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)