Farming and Inheritance Tax

Debate between Gavin Williamson and James Murray

Wednesday 4th December 2024 Commons Chamber

[Sir Gavin Williamson (Stone, Great Wyrley and Penkridge) (Con)]

The hon. Gentleman has made an important point, but analysis will show that over a 10-year period, 99% of the profit from the average 350-acre arable farm owned by a couple will go back towards paying inheritance tax. That does not leave enough money for them either to invest or to live. I wonder how the hon. Gentleman thinks they can deal with that.

[James Murray]

I 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, generous provision of inheritance tax relief for family farms with ensuring that, at the same time, we fix the public finances in the fairest way possible.