Inheritance Tax

Debate between Kit Malthouse and James Murray

Wednesday 14th October 2026 Commons Chamber

[Kit Malthouse]

There seems to be a disconnect in the Labour party’s understanding of the situation. Does the Minister not appreciate that the capital value of an enterprise, whether it be a farm or a business, does not necessarily equate to the revenue that it generates? Many family farms and businesses are what they would call lifestyle businesses, where people are happy to sit on what may appear to be a large capital value that yields only a very small revenue amount that will not support the taxes he is trying to levy, and at the same time only just supports a lifestyle that people are willing to tolerate. It is this imbalance that is causing so much anguish.

[James Murray]

I thank the right hon. Gentleman for his question, but the fact that we have a threshold of £2.5 million of qualifying assets over which the 100% relief applies, and that the 50% relief applies in an uncapped manner above that level, means that we are protecting our small family businesses and family farms while making sure that there is a contribution towards the public finances.

[Kit Malthouse]

Let us say that a farm is worth £3 million, ostensibly on land value. That farm might be yielding a net income to a farmer of only £30,000 to £50,000 a year, on which they are surviving. They are willing to live that way because they love living on the farm, it has been in their family for many generations and they feel a sense of stewardship and custodianship, but that revenue is not enough for them to live on and then sustain the tax that the Minister wants to levy.

[James Murray]

Without commenting on individual tax affairs, even if hypothetical, if a farm were worth £3 million, the £2.5 million allowance for the 100% relief would cover a substantial portion of that. That is in addition to the existing nil rate bands and can be transferred between spouses. If that hypothetical farm were passed on via a couple to their descendants, £5 million would be covered.

I want to emphasise that our work as a Government with farmers—who feed the nation, sustain rural communities and help to manage the land that shapes our countryside—ranges from immediate support, including the £65 million emergency package that we announced to help them cope with this summer’s drought, to opening new markets for British produce through trade deals and export opportunities.

Taxes

Debate between Kit Malthouse and James Murray

Wednesday 12th November 2025 Commons Chamber

[James Murray]

As a Treasury Minister, what I am very used to in the run-up to a Budget is members of the media and Opposition Members finding more and more convoluted ways of trying to work out what is going to happen in the Budget. My answer would be the same at every turn: they simply have to wait until 26 November to see what the Chancellor announces in her Budget. The official Opposition are entirely entitled to put forward what they say they would do differently.

[Kit Malthouse]

I hear what the Minister is saying about us waiting for the Budget. Could he reassure the House that he has not discussed anything that might be in the Budget with any journalist, and certainly that he has not authorised any members of his office or anybody within the Treasury press team to brief out some of the kites that have been flown about the Budget in the media over the past few weeks?

[James Murray]

Despite the right hon. Gentleman’s invitation, I am not going to engage in speculation ahead of the Budget. I am not going to feed the speculation that he is trying to wind up. I understand that the Budget is an important day in the parliamentary calendar, and it is an important day for the Government. Rightly, Conservative Members and Members of all parties want to know what is in the Budget, but they simply must wait until 26 November to find out.

[Kit Malthouse]

On a point of order, Madam Deputy Speaker. I seek your guidance. The Minister has said that he is unwilling to discuss what might be in the Budget with the House. He did not, however, deny that he may have done so with journalists, or that he may have authorised others to brief to the media what may or may not be in the Budget. In the absence of that denial, are we within our rights to demand that the House be privy to what those conversations contained, in the same way that the business pages of The Times may have been?

Winter Fuel Payment

Debate between Kit Malthouse and James Murray

Tuesday 10th September 2024 Commons Chamber

[James Murray]

I am going to make some progress.

The Opposition did not like to be reminded of their legacy when they were in government, but let us have a look, shall we? What do they have to show for their years of reckless overspending? A failed asylum system, prisons at breaking point, more than 1 million people waiting for council homes, 4 million children growing up in poverty, and more than 7.5 million people on NHS waiting lists. This Government and every Member of this House who stood on my party’s manifesto were elected to turn things around.

[Kit Malthouse (North West Hampshire) (Con)]

Yesterday, in the other place, the Transport Minister cast doubt on the continuation of travel concessions for pensioners, which has caused significant alarm in my constituency and others. Notwithstanding the discussion we are having today, could the Minister reassure us that travel concessions for pensioners will continue under a Labour Government?

[James Murray]

I thank the right hon. Gentleman for his intervention. The Chancellor will take all decisions in the Budget on 30 October—[Interruption.] Let me make one important point to him as we approach the Budget on 30 October: we know there are going to be difficult decisions that we have to take in the Budget and, frankly, that is a direct consequence of the decisions taken by him and his colleagues when they were in government.