This week in Parliament, Conservatives forced a vote to make Labour cut public spending and scrap inheritance tax on the family home, while reversing Labour’s cruel taxes on farms and businesses.
Richard Fuller, Shadow Chief Secretary to the Treasury commented:
Inheritance Tax is an immoral double tax on people who have worked hard and saved. Families should be able to pass on the home they have built without being punished when they are grieving.
The Conservatives’ plan abolishes inheritance tax on the family home and raises the threshold for couples to £1 million. It is fully funded by our £71 billion savings plan, including cuts to welfare, the civil service and foreign aid and MPs had the chance to vote to support it.
But this week, Labour MPs voted AGAIN for the Family Farm Tax and Family Business Tax.
Conservatives have said we will repeal the Family Farm Tax (the removal of Agricultural Property Relief for agricultural property valued over £2.5 million, with Inheritance Tax levied at 20 per cent on agricultural assets over £2.5 million) which is destroying Britain’s farming industry and is a net fiscal cost for the government. We have consistently opposed its introduction under Labour.
We will also repeal the Family Business Death Tax (the removal of Business Property Relief for business property valued over £2.5 million, with Inheritance Tax levied at 20 per cent on business assets over £2.5 million) which is stopping family businesses from being passed down to the next generation. We have also consistently opposed its introduction under Labour.
