A Strong Voice for Croydon Central - Gavin Barwell MP
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Labour to hit families living in a typical Croydon semi with inheritance tax bill
03/05/2017 23:51:00

Yesterday the Labour Party announced that they will reduce the Inheritance Tax threshold to £425,000 or even lower. Not content with hiking taxes on the living, Jeremy Corbyn also wants to hit you harder when you die.

£425,000 is less than the price of typical semi-detached home in Croydon. Inheritance Tax is meant to be a tax on the very wealthy, but under Labour ordinary people who have worked hard all their lives and want to pass on their home to their children will be clobbered. This is just one example of the huge tax bombshell Jeremy Corbyn will drop on Britain’s families to pay for his reckless spending promises if he makes it to Downing Street. I've challenged my Labour opponent to distance herself from this idea that would hit so many Croydon Central residents. So far, she's refused to do so.

In contrast, Conservatives are protecting the family home from inheritance tax. Up until this April, there was normally no inheritance tax to pay if you left everything to your spouse or civil partner or your estate was less than £325,000. This was a transferable allowance meaning that if you died you could pass your allowance to your partner.

We have introduced a new additional tax free gift, which can only be used when you are passing on your main house to a direct descendant (child or grandchild). This will be:

• £100,000 in 2017/18;

• £125,000 in 2018/19;

• £150,000 in 2019/20; and

• £175,000 in 2020/21.

So at the moment a couple could pass onto their children or grandchildren a house worth £850,000 and by 2020/21 this will rise to £1 million. The benefits are tapered away for homes worth more than £2 million, so that the very wealthy don't benefit.

So there's a clear choice at this election: Conservatives who believe you should be able to pass on the family home to your children or grandchildren or Labour who would hit ordinary Croydon families with an inheritance tax bill.

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Gavin Barwell, 133 Wickham Road, CR0 8TE, Tel  020 8663 8741      © Gavin Barwell  2017       Promoted by Ian Parker on behalf of Gavin Barwell, both at 36 Brighton Road, Purley, CR8 2LG