We believe that government should help parents provide for their children - which is why we have promised to raise the Inheritance Tax threshold to £1 million.
Under Labour, more and more families are being hit by death duties:
- 2.3 million homes are already worth more than the current Inheritance Tax threshold
- The revenue the Treasury receives from Inheritance Tax has doubled over the last 10 years
By increasing the threshold to £1 million, we will take 98 percent of family homes out of Inheritance Tax altogether - and millions of British families will benefit
We will pay for this, and our proposals on Stamp Duty, by levying a £25,000 charge on so-called non-domiciles - people who are resident in Britain, but pay no tax on their foreign income.
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