Time to rein in the widening net of inheritance tax

Conservative Parliamentary Candidate for Greenwich & Woolwich, Alistair Craig added his backing to new calls to address the soaring level of inheritance tax. Nationally, Conservatives have outlined possible options to reduce or abolish this increasingly unpopular tax. More and more households are now liable for the tax, as since 1997, the tax threshold has been increased by far less than the average rise in house prices.

In Greenwich the average semi detached house price is £258,765 - meaning that owning just over £4,000 of other assets would make the householder liable for inheritance tax

Alistair explained, “After seven years of Tony Blair’s Government, the tax system has become unfair and complex. Labour have put up taxes 66 times. Pensioners, homeowners, businesses and families on all income levels are paying more to a Government which is not giving them value for money.

“Once a tax on just the very wealthy, inheritance tax is increasingly a tax on the homes of ordinary families. I believe the tax system should support families’ financial security and independence, rather than penalising them purely because of rising house prices.

“We are consulting on a number of ways in which we can reduce the burden of taxation. We would like the views of local residents across the Borough on how we can deliver taxpayers better value for money.”