Office for Budget Responsibility Forecasts
Debate between Mike Wood and James Murray(2 weeks, 6 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
James Murray
I have taken part in a number of debates in this Chamber and in Westminster Hall on the changes to APR and BPR that the Government introduced at the Budget last year. We have debated the figures extensively. Some of the difference in people’s figures stems from the fact that we are talking about estates, which is the right measure when we are talking about inheritance tax, rather than the value of farms themselves. I also hope that the hon. Lady will have seen the change we made to the system at this Budget through the spousal transfer.
Mike Wood (Kingswinford and South Staffordshire) (Con)
As the Chief Secretary to the Treasury will know, the “Ministerial Code” requires Ministers to be
“as open as possible with Parliament and the public”.
Exactly when did the Chief Secretary learn that the Chancellor did not face the shortfall that the Treasury was briefing to the press?
James Murray
As a Treasury Minister, I have obviously been involved in discussions with the Chancellor and the Prime Minister’s team throughout the Budget process. We developed these policies collectively to cut the cost of living, cut NHS waiting lists and cut Government borrowing.
Inheritance Tax Relief: Farms
Debate between Mike Wood and James Murray(10 months, 1 week ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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James Murray
I am about to come to some of the statistics to which the hon. Gentleman and others referred. I do not have much time, so I will make a little progress before answering some of those questions.
On the point of how the nil-rate band and spousal exemption allowances work together, anything beyond the nil-rate band, the spousal transfers and the 100% full relief will receive unlimited 50% relief, and heirs can spread any payments due over 10 years, interest free. That is a benefit not seen anywhere else in the inheritance tax system.