Taxation of savings and inheritance

Motion Text

That this House notes recent reports that in the 2023-24 financial year, tax paid on savings income is due to reach more than £6.5 billion, a rise of approximately 100% since 2022, and the expected take through inheritance tax of approximately £8 billion, which has increased over 30% in the same period; notes that the Treasury expect to receive almost £15 billion in tax next year from these two sources alone; further notes that this is income that has already been taxed largely from earned and saved income; and calls on the Chancellor of the Exchequer to introduce tax reductions aimed at hard-working taxpayers, particularly the millions who are in the middle-income bracket.