Inheritance Tax
I worry that this Labour Government are living in some sort of parallel universe. I met one of my manufacturing businesses in Keighley recently, which employs nearly 250 people. It has already worked out that its business property relief liability over and above the £2.5 million threshold is about £1 million. The advice it received is either to sell plant or machinery to mitigate that liability imposed on it by this Government, or to sell shares in its business. Either way, people are losing control of their business, or losing productivity from having to sell plant or machinery, and that is the result of a choice that has been made by this Labour Government. How can the Minister sit there and describe those as fair choices to the bosses of that business, when up to 250 people are now likely to be exposed to the risk of losing their jobs in my constituency?