Inheritance tax

Early day motion 306, tabled 22 January 2024 by Jon Trickett (Labour). Signed by 12 members.

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.

Signatures by party: Labour 4, Independent 3, Plaid Cymru 3, Labour/Co-operative 1, Scottish National Party 1.