Summer Budget 2015 Resolution 3 — Inheritance Tax — 14 Jul 2015 at 18:50
The majority of MPs voted to make changes to inheritance tax including raising the effective threshold for starting to pay inheritance tax to £1 million.
The motion supported by the majority of MPs in this vote was:
- That provision (including provision having retrospective effect) may be made about inheritance tax.
- Authorises the Finance Bill to provide (including provision having retrospective effect) for:
- * the inheritance tax treatment of settled property;
- * the introduction of a new nil-rate band when a residence is passed to direct descendants; and
- * a freeze in the existing nil rate band for the tax years 2018-19, 2019-2020 and 2020-21.
The new nil rate band is the mechanism by which the effective inheritance tax threshold was raised to £1 million. A nil rate band is another term for the threshold at which inheritance tax becomes payable; the existing threshold at the time of the vote was £325,000.
- the government will introduce new rules to target avoidance through the use of multiple trusts. It will also simplify the calculation of trust rules.
-  Summer budget 2015 documents
-  Notes on the Summer Finance Bill 2015 resolutions
-  Government webpage on Inheritance Tax
-  Government webpage on Trusts and Inheritance Tax
Votes by party, red entries are votes against the majority for that party.
What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Aye)||Minority (No)||Both||Turnout|
|Con||319 (+2 tell)||0||0||97.3%|
|Lab||0||211 (+2 tell)||0||91.8%|