For many families across the South Hams, buying a home is the biggest financial commitment they will ever make, often involving decades of mortgage repayments and sacrifices along the way. Having spent much of their lives building that security, it's hardly surprising that parents and grandparents hope to leave something behind for their children and grandchildren.

That is why I welcomed Kemi Badenoch's announcement at Conservative Party Conference that the next Conservative Government would abolish inheritance tax on the family home when passed to children or grandchildren, whilst increasing the tax-free allowance for other assets to £500,000 per person. This would allow a married couple to pass on their home alongside a further £1 million in savings, investments and other assets without inheritance tax. Crucially, the increased individual allowance would also benefit those who are unmarried or don't have children, giving them greater freedom to leave more of what they've worked for to the people who matter most to them, whether that's a sibling, niece, nephew or someone else close to them.

The announcement is particularly relevant in the South Hams, where the average home costs £355,000, the third highest figure in the South West. In areas covering Wembury, Brixton and Newton Ferrers, the median property sold for £366,500 in the year to July 2026, rising to £523,500 for detached homes, whilst in Ivybridge the median detached property sold for around £418,000 over the same period. Many of these properties will have been bought decades ago for considerably less, yet the basic inheritance tax threshold has remained frozen at £325,000 since 2009. Whilst existing allowances protect many families, rising property values and Labour's decision to bring most unused pension funds into inheritance tax calculations from April 2027 mean more estates could face a bill. Indeed, research by Oxford Economics for Onward estimates that whilst just 2.7% of houses were faced with an inheritance tax bill in 2009-10 this could rise to a projected 8.2% in 2029-30.

The policy the Conservatives have announced recognises the importance of families being able to provide for one another across generations and according to polling is supported by 61% of the country. Parents and grandparents make sacrifices throughout their lives to give their children opportunities they may never have had themselves, and I don't believe that responsibility should suddenly become less important when someone passes away.

I also recognise that many younger people across the South Hams are more concerned about getting onto the housing ladder than inheriting a property, which is why our plans go further. At last year's Conservative Party Conference, Kemi announced proposals to abolish stamp duty on main homes, whilst this year she set out plans to cut up to £50,000 from the cost of building a new home, helping more people achieve the security of homeownership themselves.

Importantly, these commitments sit alongside our wider plans to save £71 billion annually through welfare reform and reducing the size and cost of government, including £36 billion from changes to the welfare system. Getting public spending under control is essential if we are to deliver tax cuts responsibly and allow families to keep more of their own money. Ultimately, I believe people should be encouraged to work hard, save and build something for the future, knowing that their efforts can benefit the generations who follow them. Whether it's the home they've spent decades paying for or the savings they've carefully put aside, families should have greater freedom to pass on what they've worked so hard to achieve.