James Murray

James Murray

Labour (Co-op) — Ealing North

Speaking in the House of Commons on 26 February 2025

Debate

Family Businesses

Contribution

I will make some progress, because I have given way many times on this particular point. I have plenty more to get through and I am sure that other Members would like to contribute. Depending on people’s individual circumstances, a couple will be able to pass on up to £3 million to their children or grandchildren free of any inheritance tax at all. If owners pass on their assets more than seven years before death, no inheritance tax will be due either. Where any payment is due, it can be paid over 10 years interest-free in most circumstances. That benefit is not seen anywhere else in the inheritance tax system. I recognise, as evidenced today, that the inheritance tax reforms generate strong views, but reform is necessary given the fiscal challenge that confronts us. This is a fair approach that helps put the public finances back on a sustainable footing.

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