Conservatives announce tax break for wealthiest few on the day Labour unveils plans to help first time buyers and families struggling with their mortgages

Yvette Cooper MP, Labour’s Chief Secretary to the Treasury, commenting on reports in today’s Daily Telegraph of new Tory inheritance tax proposals, said:

“When hard working families are facing real pressure, how on earth can the Tories justify more tax cuts for millionaires?

“David Cameron has clearly tried to hide this but now we know the Tories’ priority is to give money to a few thousand of the wealthiest estates in the country.

“This blows away any pretence by the Tories to be the party of fairness. On the day Labour is unveiling proposals to help first time buyers and those struggling with their mortgages, the Tories are talking about tax breaks for the wealthiest few.”

Yvette Cooper today also wrote to George Osborne asking for clarity on the issue. She wrote:

“Today your Party revealed plans to offer a £2 million inheritance tax threshold for married couples. This is a clear statement of your tax and spending priorities; benefiting a few thousand of the wealthiest estates in the country. Having failed to make this public for many months, I thought you would welcome the opportunity to clarify your policy:

1) Can you confirm that Theresa May was speaking on behalf of the Shadow Cabinet when she confirmed that your £1m inheritance tax allowance would be transferable?

2) Can you confirm that this announcement would only benefit married couples who have estates worth over £1 million and would benefit most those with estates worth £2 million and above?

3) How many families will benefit from this policy, across the country?

4) How much will this policy cost?

5) Are you still committed to funding it through a levy on non-doms?

“I fail to see how your policy fits with your assertion of the Tories being a party of fairness, so perhaps you can explain how it is fair to give more money to a few thousand of the wealthiest estates in the country, at a time when hard-working families are facing real pressure?”