James Murray

James Murray

Labour (Co-op) — Ealing North

Speaking in the House of Commons on 14 October 2026

Debate

Inheritance Tax

Contribution

The impact assessment, or tax information note, is published alongside the publication of the policy at the Budget. I want to just make the point that to protect family farms and family businesses, the threshold for the 100% relief goes up to £2.5 million per person, and above that there is a 50% rate, which means an effective inheritance tax rate of up to 20% above that. Furthermore, the repayments can be spread over up to 10 years interest free, so there are substantial protections in place for family farms and family businesses. That 100% relief on the first £2.5 million of qualifying agricultural and business assets means that a couple can pass on up to £5 million of qualifying agricultural and business assets free of inheritance tax between them, in addition to the existing allowances such as the nil rate band. These protections will support family farms as we work with farmers to build a sector that is productive, profitable and resilient for the future.

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