On Thursday morning on Times Radio, Richard discussed the rationale behind the Conservative's pledge to remove the family home from Inheritance Tax. On Wednesday, Kemi Badenoch pledged that Conservatives will abolish Inheritance Tax on the family home, as well as raising the individual threshold to £500,000. This will mean that a couple can pass on their family home to direct descendants, plus a further £1,000,000 of assets without paying a penny of Inheritance Tax.
Richard Fuller MP said:
Some people try to characterise Inheritance Tax as only affecting the super-rich but with house prices climbing and the Labour Party extending it's reach to include pensions, family farms and businesses, this tax will increasingly suck in the estates of more and more families. Inheritance is the antithesis of our mantra of rewarding those who work hard, do the right thing and try to build a nest egg for themselves, their children and grandchildren.
Family homes are bought with taxed income, stamp duty is paid at the time of purchase and Labour's Mansion Tax further impacts the cost of being a homeowner. It is wholly wrong that the same asset, the much-cherished family home, is essentially taxed for a fourth time following one's death.
You can watch the interview at https://youtu.be/XBEeAorEO6E?si=5IWGeCF8xuyvGOos
