Question proposed, That the clause stand part of the Bill.

Clause 10 supports the changes introduced by clause 9. It ensures there will be an effective inheritance tax threshold of up to £1 million for married couples and civil partners by the end of this Parliament. The nil-rate band of £325,000 for individuals and up to £650,000 for married couples and civil partners ensures that the majority of estates do not have any inheritance tax to pay at all. The nil-rate band was frozen throughout the last Parliament. For this Parliament, the Government have said that they would introduce an effective £1 million inheritance tax threshold, as we have just debated. Keeping the existing nil-rate band at £325,000 is consistent with that objective. The existing inheritance tax nil-rate band will remain at £325,000 until April 2021. It will then increase in line with the consumer prices index.

The changes made by clause 10, along with the changes made by clause 9, will ensure that around 93% of estates will be able to pass on all their assets without paying any inheritance tax. The clause will help provide peace of mind to thousands of families who worry about the prospect of paying inheritance tax in the future. I hope the clause will stand part of the Bill.

Question put and agreed to.

Clause 10 accordingly ordered to stand part of the Bill.