Oral Answers to Questions
Debate between Daniel Zeichner and Jeremy Wright(1 week, 4 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sir Jeremy Wright (Kenilworth and Southam) (Con)
The Government have justified their inheritance tax changes for farmers on the basis that they are concerned about people gaining short-term tax advantage by buying agricultural land. May I therefore ask whether, instead of the sweeping changes that they made, the Government considered an approach that would limit the IHT exemption to those who could demonstrate that the family farm had been in family ownership for a certain number of years? If that approach was explored, why was it not pursued? If it was not explored, why not?
Daniel Zeichner
We have had a lot of debate about this issue, and I am perfectly happy to have discussions with hon. Members about the tax regime in general. One of the beneficial aspects of this policy may be to get the generational shift that farming in this country needs so much. There are many parts to this policy. It is a complicated policy, and in future we will have further discussions.