Supporters believe that the removal of inheritance tax could sway voters in favour of the Conservative Party
The wider economic challenge facing the Chancellor and Prime Minister was illustrated by official figures showing the UK economy contracted in May. Despite trailing behind the Labour Party in the polls, The Times reported that the Conservative Party is considering the abolition of inheritance tax as a potential manifesto pledge, rather than a policy to be implemented next year.
The current rate of inheritance tax stands at 40 per cent for estates exceeding £325,000, applicable only to the portion exceeding the threshold. However, estates belonging to spouses and civil partners can pass on up to £1 million without incurring any inheritance tax liability. Consumer Prices Index inflation peaked at 11.1 per cent growth last year and was last reported at 8.7 per cent for May. 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.
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