Fylde candidate hails inheritance tax cut

phpzNRVT0AM

FYLDE Conservative Parliamentary Candidate Mark Menzies has welcomed news that the Government will remove inheritance tax on many family homes.

The Prime Minster this week committed to introducing a new allowance into the tax system, which will increase the threshold to £1m per married couple.

That means that only wealthy people with very large homes would pay inheritance tax on them.

Responding to the news, Mr Menzies said: “People who have saved and put their hard-earned money into their home shouldn’t have to pay inheritance tax when they pass it on their children.

“That’s why this new allowance is great news for people who have worked hard, saved to buy a family home and want to pass on their property to their children.

“It will effectively increase the Inheritance Tax threshold to £1m for married couples – taking many family homes out of inheritance tax altogether.

“I know a lot people in Fylde worry about making sure their family is going to be financially stable once they are gone so this will be a great weight off their minds.

“This is all part of our wider plan to cut taxes on people who work hard and do the right thing.

“We’ve already cut income tax for basic rates taxpayers by £825 and have committed to increasing the tax-free personal allowance to £12,500 in the next Parliament.

“Today, with more people in work, more people owning homes, more people running businesses, and more people doing apprenticeships – we can see that we are winning the battle to fix the financial mess the country was in and it is important we stay the course.”

Comments are closed.