Prime Minister Rishi Sunak is planning to slash “the most hated tax in Britain” — inheritance tax — as part of a number of “crowd-pleasing” announcements next month.
Cutting the tax and then eventually abolishing it is being considered before the Conservative party conference in October.
He is set to unveil a raft of ambitious long-term policies designed to change Britain.
Slashing inheritance task is expected to be framed as an “aspirational offer to voters” before the next general election, The Times reported.
The reports of his plans have been celebrated with jubilation by many, with one person describing the Prime Minister as a “born winner”.
Sources have confirmed there is an ongoing discussion high up in Government about reforming the levy.
Estates worth more than £325,000 are taxed 40 per cent with an additional £175,000 allowance towards a main residence if it is passed to children or grandchildren. A married couple can share their allowance, meaning parents can pass on £1 million to their children without any tax being paid.
Mr Sunak is considering announcing his intention to cut the 40 per cent tax rate in his government’s budget in March.
He could also announce his intention to set out a pathway to scrap inheritance tax completely in the long run.
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