Inheritance Tax

Antonia Bance Excerpts

Wednesday 14th October 2026 Commons Chamber

[Andrew Lewin]

I obviously do not know the circumstances of that particular business, but I do know that, as the Minister set out, there is a threshold of £2.5 million under which no business will pay any inheritance tax at all. I think that is a fair place to start, and that is the status quo.

[Antonia Bance (Tipton and Wednesbury) (Lab)]

Has my hon. Friend taken a moment to work out the example put forward by one Conservative Member of the £3.5 million-worth of assets belonging to a family business in his constituency? After taking into account the threshold of £2.5 million and the further £1 million of assets, the actual inheritance tax due by that business is £20,000. That will be what is payable—£20,000 per year for 10 years, an amount that ought to be manageable for a business with £3.5 million-worth of assets. Does my hon. Friend agree that the Minister has set out why this tax is important to rebuilding the public finances?

[Andrew Lewin]

I am grateful to my hon. Friend, who speaks powerfully and with great experience on these issues.

I will draw my remarks to a close by returning to the proposition put forward by the Conservatives today. I am sad to say that they are a party retreating to their comfort zone. They could have come to the Chamber today and said, “Let’s have a debate about how we invest in defence or public services, or about new ways to support businesses”, but I am afraid that their choice and the choice made by their leader is a giveaway to the top 5% of estates in this country. I am a meritocrat. I want a society that is less reliant on family wealth, not more—a society that maximises opportunity for all. I am sorry that that is not a vision that the Conservative party seems to share.