Dame Harriett Baldwin calls on the Chancellor to recognise the protests on Whitehall and reverse the family farm tax, which raises less than a day’s worth of NHS funding.
Dame Harriett Baldwin (West Worcestershire) (Con)
The art of taxation is extracting the largest amount of money with the lowest amount of squeaking from the goose. Yet the Chancellor will have heard the honking of the tractors on Whitehall today in response to her raising an amount of money that will pay for less than one day of NHS spending. Will she commit to reversing the family farm tax?
The Exchequer Secretary to the Treasury (James Murray)
As we have debated several times in this Chamber and Westminster Hall, the changes to agricultural property relief and business property relief retain a generous relief for people accessing those benefits within the taxation system. That means that people will get £1 million before inheritance tax is due, in addition to the existing nil rate band for spousal transfers. Over that, it is up to an effective rate of 20%, and any money due can be paid over 10 years, interest free.