Lord Forsyth of Drumlean
Main Page: Lord Forsyth of Drumlean (Conservative - Life peer)(8 years, 11 months ago)
Lords ChamberThe noble Lord is absolutely right—it is a far deeper commitment than just that of finance.
Would my noble friend not agree that my noble friend Lord Lexden makes an important point? Two siblings who have looked after each other, or a daughter who has looked after a mother in a family home, find that they do not enjoy the same benefits in terms of liability for inheritance tax. Surely, as a Government who are committed to fairness in society, that is something that needs to be addressed urgently.
My Lords, I go back to the comments made by the noble Baroness, Lady Barker, that, previous to the Civil Partnership Act, same-sex couples did not have the rights that siblings have. The new inheritance tax laws are in fact extremely generous to siblings, with up to £1 million being passed tax free to siblings—and, indeed, children of an individual can also benefit to the tune of almost £500,000. Anyone who has an estate of over £500,000 or £1 million has well over the average estate in this country.