Contributions
1,562 recent contributions in Hansard
HANSARDDraft Double Taxation Relief and International Tax Enforcement (Ecuador) Order 2024I beg to move, That the Committee has considered the draft Double Taxation Relief and International Tax Enforcement (Ecuador) Order 2024. It is a pleasure to serve on this…09 Dec 2024HANSARDFarming and Inheritance TaxMy hon. Friend is absolutely right to highlight the fact that some of the features of the current inheritance tax relief system mean that it is an attractive vehicle for tax…04 Dec 2024HANSARDFarming and Inheritance TaxI have given way already, so I am going to make some progress. The reforms should be seen in the context of the significant existing support for the farming industry in the wider…04 Dec 2024HANSARDFarming and Inheritance TaxI thank my hon. Friend very much for her intervention. It is telling that when she makes such an important and sensible point, the Opposition do not want to hear it and try to…04 Dec 2024HANSARDFarming and Inheritance TaxI thank the hon. Lady for her intervention. As we know, any farmer who is renting out land or farming it themselves will typically have an estate that includes an element that is…04 Dec 2024HANSARDFarming and Inheritance TaxI am going to make some progress. I have given way many times already. Looking at the HMRC data, which relates to estates making claims for agricultural and business property…04 Dec 2024HANSARDFarming and Inheritance TaxI note that the hon. Gentleman’s grasp of economics is about as good as Liz Truss’s was. As I have said, the importance of the claims data is that it tells us what the inheritance…04 Dec 2024HANSARDFarming and Inheritance TaxI will give way to the Liz Truss cheerleader on the Back Benches.04 Dec 2024HANSARDFarming and Inheritance TaxI am going to make some progress. As I said earlier, a farm worth £5 million but owned by five relatives in equal shares could have no inheritance tax liability.04 Dec 2024HANSARDFarming and Inheritance TaxWe know that individual circumstances will vary. Any individual who is concerned about their specific tax liability should obviously consult an accountant or financial adviser. We…04 Dec 2024HANSARDFarming and Inheritance TaxWhen we approach policies in government we test them thoroughly and consider the details and the data, and we ensure that any conclusions we draw are based on the correct set of…04 Dec 2024HANSARDFarming and Inheritance TaxI have confidence in the way in which we have calibrated the policy. As I said to the right hon. Member for Salisbury (John Glen), it has balanced the need to retain significant,…04 Dec 2024HANSARDFarming and Inheritance TaxThat is an important point. Looking at the pure asset value of farms does not tell us what their inheritance tax liability might be. As my hon. Friend rightly points out, any…04 Dec 2024HANSARDFarming and Inheritance TaxI am going to make some progress. I am going to continue to explain how some of the other exemptions within the inheritance tax system will benefit people affected by this policy.04 Dec 2024HANSARDFarming and Inheritance TaxI have met members of the National Farmers Union, representing the farming industry, a number of times since the Budget for detailed discussions. That has helped us to understand…04 Dec 2024HANSARDFarming and Inheritance TaxI am going to make some progress. I just set out some statistics that show how this tax relief is very concentrated in a small number of claims. In the context of the dire fiscal…04 Dec 2024HANSARDFarming and Inheritance TaxI very much agree with my hon. Friend. He points out a repeated pattern of the Opposition: their total refusal to take any responsibility for the damage they caused over the past…04 Dec 2024HANSARDFarming and Inheritance TaxMy response to the right hon. Gentleman is the same as that to the right hon. Member for South Holland and The Deepings (Sir John Hayes). I believe he is looking at the data for…04 Dec 2024HANSARDFarming and Inheritance TaxThe £3 million figure is what a typical couple could expect to pass on to their direct descendants using the various nil-rate bands and inheritance tax reliefs. I would advise any…04 Dec 2024HANSARDFarming and Inheritance TaxI will take one more intervention and then I will make progress.04 Dec 2024