Michael Gove: Conservatives will take the family home out of inheritance tax in Surrey Heath

Michael Gove has welcomed the news today that a future Conservative Government would take the family home out of inheritance tax.

The Prime Minster has committed to introducing a new allowance into the tax system, which will effectively increase the Inheritance Tax threshold to £1 million for married couples - meaning only the very rich would pay inheritance tax. This will be paid for by increasing taxes on very wealthy people's pensions.

Michael commented:

"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 and want to pass on their home to their children in Surrey Heath. It will effectively increase the Inheritance Tax threshold to £1 million for married couples - taking the family home out of inheritance tax.

"This is all part of our 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 we have committed to increasing the tax-free personal allowance to £12,500 in the next Parliament.

"The Conservatives are the only party who have committed to not increasing taxes on working people so the choice in this crucial election could not be clearer: David Cameron's strong and stable team who have a plan to cut people's taxes and build a stronger economy or the chaos of Ed Miliband in Downing Street, propped up by the SNP."