Matthew was joined in Hendon today by Grant Shapps to welcome the news that a future Conservative Government will take the family home out of inheritance tax.
David Cameron 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 reducing tax relief on the pensions of the very wealthy.
Matthew said: "This new allowance is great news for people in constituencies like Hendon where house prices are high and even modest homes are worth more than the current £325,000 threshold.
"People who have worked hard and saved to buy their own home shouldn’t have to pay inheritance tax when they pass their property on to their children or granchildren. This 'family homes allowance' will effectively increase the Inheritance Tax threshold to £1 million for married couples which I am delighted will take most family homes in this area out of inheritance tax."
Supporting Matthew in Hendon, Grant Shapps, Conservative Party Chairman, commented: "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 pledged to increase the tax-free personal allowance to £12,500 in the next Parliament.
"The Conservatives are the only party who have committed NOT to increase taxes on working people so the choice in this crucial election could not be clearer: Matthew Offord and David Cameron who are building a stronger economy or the chaos of the Labour candidate and his leader Ed Miliband, propped up by the SNP.”