The Times reported that No 10 was discussing whether to make abolishing the levy a commitment to shore up votes in so-called “blue wall” seats in 2025. While the party continues to trail Labour in the polls, The Times reported that abolishing inheritance tax was being considered as a manifesto pledge, rather than a policy to be implemented next year. The rate of inheritance tax is currently 40% for estates worth more than £325,000, which is only charged on the portion that is above the threshold. But estates of spouses and civil partners can pass on up to £1 million without any inheritance tax liability. Abolishing inheritance tax could cost the Treasury a potential £7 billion a year and would be contingent on that figure falling significantly, the Times reported.

Source: The Times July 14, 2023 22:03 UTC