Inheritance Tax Relief: Farms

Sean Woodcock Excerpts

Monday 10th February 2025 Westminster Hall

[Sean Woodcock (Banbury) (Lab)]

I will keep my comments brief. Every week when I am out in the constituency, I take the time to visit a farm, and this issue always comes up. It is concerning for many in my constituency. They are clear that it is not as though everything was ticking along nicely and then suddenly this hit; they were sold down the river by the Conservative party, with the trade deals with Australia and New Zealand. But this has caused a great deal of consternation.

A chap I visited last month said, “I don’t want to tell a tale of woe. I am doing okay. There are good farmers and there are bad farmers, and that affects profitability, but I am concerned that this policy is going to rob me of my inheritance, which several generations of my family have worked incredibly hard to build up.” This level of concern, justified or not, merits the Government’s listening. I hope that they will do so.

National Insurance Contributions (Secondary Class 1 Contributions) Bill

Sean Woodcock Excerpts

2nd reading
Tuesday 3rd December 2024 Commons Chamber

[Dr Sandher]

The Government will set out exactly what the health and care budgets will be before next April, and the investment will go towards improving the health and care system that we and our loved ones rely on. All the money that is being invested in the health service, our teachers and elsewhere across the economy needs to be raised—and, yes, we are raising it from the largest employers.

By increasing the employment allowance, we are protecting the smallest businesses. Half of businesses will pay the same national insurance or less. A quarter of a million of the smallest businesses will see their national insurance tax bill fall. From tax revenue, we will invest in our people and our places to ensure that they can thrive, building on public investment in our infrastructure and our services.

Countries that grow the fastest are not simply those that tax the least. If all we needed to do to create prosperity was cut taxes to their lowest level, Somalia would be richer than Sweden. However, IKEA is not about to relocate to Mogadishu. The countries that grow the fastest are those that raise a return on investment. Returns are higher when businesses have the roads that they need to transport their goods, workers have the skills that they need to produce more, and all of us have cheaper electricity and well insulated homes. Those are the decisions that we have made, and were proud to make, in this Budget.

Across the Atlantic, in the United States, we have seen a multi-trillion dollar investment package, which helped to deliver the fastest growth in the G7. There were new roads, new factories and new clean energy projects from Wisconsin to Wyoming. That public investment led to the fastest post-pandemic recovery in the G7, whereas we had one of the weakest. That is why, here at home, we are investing to raise returns; investing in our schools, our NHS and home insulation to make us better educated and healthier and to get energy bills down for all and for good

[Sean Woodcock (Banbury) (Lab)]

Opposition parties have spent an awful lot of time attacking various measures in the Budget. Does my hon. Friend agree that if they are going to do that, they need to point out which investment—money to our schools or to hospitals—they would not provide to alleviate their concerns?

[Dr Sandher]

I entirely agree with my hon. Friend. If Opposition parties wish to criticise the tax rise on the largest businesses and the wealthiest individuals, they must set out what services they will cut and who will not get a GP appointment or the teachers that are needed.

We are investing to raise returns. Investing in our schools, NHS and home insulation makes us better educated and healthier and gets energy bills down for all of us. That investment is paid for through tax revenue. The principle behind which we raise that is simple yet powerful: it is about collective contribution for collective benefit, sharing in the rebuilding of our nation and, of course, the rebuilding of hope.