Gary Shores says only UKIP has a real plan to scrap inheritance tax. The prospective parliamentary candidate for Beverley and Holderness.
In statement released Mr. Shores said;
“Only UKIP has a fully funded and costed plan to SCRAP inheritance tax altogether over the course of the next parliament. As a matter of principle we believe that assets purchased out of taxed income should not be taxed again in death.”
“The Conservatives have made another new pledge on inheritance tax. Cameron says they will create a “family home allowance” of £175,000 which can be added to the inheritance tax threshold of £325,000. This means that for a married couple each partner will have a tax-free allowance of £500,000. So in theory they could pass on £1m to their children tax free when they die.”
“The new allowance is estimated to cost £1bn and will be funded by a £1bn raid on tax relief on pensions savings by high earners.”
“We do not need to raid pensions pots to pay for our plan either because we are cutting politically correct and vanity spending programmes; foreign aid, EU contributions, HS2, the Barnett Formula – saving more than £25bn per annum by the middle of the next parliament.”
“Cameron and Osborne have been promising a £1m inheritance tax threshold since autumn 2007 – more than seven years. They have blamed the Lib Dems for the lack of action in government but in fact they did not bother to fight to include the pledge in the coalition agreement and Osborne has left the inheritance tax allowance marooned throughout the last parliament.”
“This is yet more flannel from Cameron and Osborne. They know they will not win a majority at the election and so are presumably planning to blame their preferred coalition partners (the Lib Dems) for yet another failure to do anything about inheritance tax. That is another reason why we need a substantial cohort of UKIP MPs in the next parliament – to force whoever is in government to substantially lift the inheritance tax threshold and to campaign for abolition.”
“The Tories have been promising action on inheritance tax for more than seven years. No wonder so many voters have the seven year itch and have been switching to UKIP in droves.”
“Unfortunately for the Tories, you cannot fool all of the people all of the time. They have failed to deliver any positive action on inheritance tax. Cameron clearly does not appreciate the injustice felt by many hardworking people who have spent their whole lives paying tax and at the end of their days face having much of the value of their family home confiscated by the state.”
“The huge benefit of UKIPs policy is that nobody will have to spend their later years fretting about the inheritance tax net – this invidious tax will be gone altogether.”
