Inheritance Tax

Joe Robertson Excerpts

Wednesday 14th October 2026 Commons Chamber

[James Murray]

Without commenting on the circumstances of an individual taxpayer, the fact that we have a threshold of £2.5 million before any inheritance tax is due on relevant agricultural or business property assets provides substantial protection for people from those charges. As I said earlier, there is a 50% relief which is uncapped above that level, and payment is allowed over 10 years interest-free. The balance we are striking in the policy that was introduced in April provides protection for family farms and small businesses while ensuring a contribution to the public finances, underscoring our fiscal responsibility, which is so important for better public services and a stable economy.

[Joe Robertson (Isle of Wight East) (Con)]

The Minister is doing so much to protect and help farmers, so is he mystified that they are not queuing up to thank him?

[James Murray]

I was going to say that I thank the hon. Gentleman for his question, but I am not sure it was meant in that tone. Being in government is about taking the right decisions for the future of the country, and I know that when taking decisions in the Treasury, the most important thing to start with is to ensure that fiscal stability and responsibility are the bedrock of all our decisions. If we look at the decisions that we as a Government have taken, and at the commitment of the Chancellor and Prime Minister, no one can be in any doubt that we will never return to the recklessness of the hon. Gentleman’s party in government.

Labour Members know that to provide breathing space for families and businesses, and to fix our economy and country for the long term, fiscal discipline must underwrite every promise we make. That is why we will continue to meet our fiscal rules, with a buffer against uncertainty. We will support good growth in every postcode by getting power out of Westminster, and we will drive investment to boost innovation and create jobs. That is how we will bring back hope across Britain, not through the fantasy economics and unfunded spending commitments of the Conservative party but with a plan to unlock potential in every part of our country, so that wherever someone lives, they and their local community can thrive. I oppose the Opposition motion.