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Prime Minister Rishi Sunak is planning to slash “the most hated tax in Britain”\u00a0\u2014 inheritance tax\u00a0\u2014\u00a0as part of a number of “crowd-pleasing” announcements next month.<\/p>\n
Cutting the tax and then eventually abolishing it is being considered before the Conservative party conference in October.<\/p>\n
He is set to unveil a raft of ambitious long-term policies designed to change Britain.<\/p>\n
Slashing inheritance task is expected to be framed as an “aspirational offer to voters” before the next general election, The Times reported.<\/p>\n
The reports of his plans have been celebrated with jubilation by many, with one person describing the Prime Minister as a “born winner”.<\/p>\n
Sources have confirmed there is an ongoing discussion high up in Government about reforming the levy.<\/p>\n
Estates worth more than \u00a3325,000 are taxed 40 per cent with an additional \u00a3175,000 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 \u00a31 million to their children without any tax being paid.<\/p>\n
Mr Sunak is considering announcing his intention to cut the 40 per cent tax rate in his government’s budget in March.<\/p>\n
He could also announce his intention to set out a pathway to scrap inheritance tax completely in the long run.<\/p>\n