Sir Edward Leigh, the Conservative parliamentary candidate for Gainsborough, has welcomed the news today that a future Conservative Government would take the family home out of inheritance tax.
The Prime Minster has committed to introducing a new allowance into the tax system, which will effectively increase the Inheritance Tax threshold to £1 million for married couples – meaning only the very rich would pay inheritance tax. This will be paid for by increasing taxes on very wealthy people’s pensions.
“Family is the most important thing,” Sir Edward said, “and people who have saved their entire lives, putting hard-earned money into their home shouldn’t be crippled with inheritance tax when passing it on to their children.”
“This new allowance increasing the Inheritance Tax threshold to £1 million for married couples will be of gread benefit to people in our part of Lincolnshire. For most of us here in the Gainsborough constituency this should take the family home out of inheritance tax.”
“Our plan has been to cut taxes on the people who work hard and do the right thing. Income tax for basic rate taxpayers has already been cut by £825 and we’ve committed to increasing the tax-free personal allowance to £12,500 in the next Parliament.”
“The Conservatives are the only party who’ve made an explicit commitment not to increase taxes on working people. Voters are faced with the choice of stable prosperity with the Prime Minister’s team, or the chaos and debt of the SNP propping up Ed Miliband in Downing Street.”