Inheritance tax

Motion Text

That this House objects to suggestions that the Government should cut or scrap inheritance tax in the forthcoming Budget; notes that inheritance tax revenues amount to around £7 billion a year; further notes that in the year 2020 to 2021 only 3.73% of UK deaths resulted in an inheritance tax charge; recognises that although only 27% of the UK population live in London and the South East, 42% of estates paying inheritance tax are located in these regions; also recognises that the larger the value of the estate the lower the rate of inheritance tax you tend to pay as a result of reliefs, exemptions and tax avoidance measures; understands that a cut to inheritance tax will financially benefit a small minority of UK citizens but the cost to the Exchequer will weaken the public finances on which all UK citizens rely in some form; believes that cutting or scrapping inheritance tax is the wrong priority for the upcoming Budget; calls on the Government to use the Budget to prioritise investing in our crumbling public services and to reduce the tax burden on those on low and middle incomes; and also calls on the Government to develop long-term proposals to reform the tax system to suit the modern economy so that wealth is taxed on parity with income.