Sir Edward Leigh, the Conservative PPC for Gainsborough, is backing plans to make most family homes exempt from inheritance tax.
“Family is the most important thing 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 £1M for married couples, will greatly benefit people in our part of Lincolnshire. For most of us here, this should take the family home out of inheritance tax,” he said.
The policy would be funded by cutting tax relief on pension contributions for those earning more than £150,000.
“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.”