Chancellor Rachel Reeves is set to raise inheritance tax in the upcoming Budget.
The PM and Ms Reeves are understood to be considering multiple changes to the tax, which currently includes several exemptions and reliefs.It comes ahead of the Budget on October 30, in which Ms Reeves is facing growing pressure to raise revenue and boost growth.Inheritance tax is charged at 40 per cent on assets above a £325,000 threshold when somebody dies.Only four per cent of deaths currently result in an inheritance tax charge, which raises the government around £7bn a year.
A Treasury spokesman said: "We do not comment on speculation around tax changes outside of fiscal events."Ms Reeves is looking to raise up to £40 billion from tax hikes and spending cuts in the Budget as the government seeks to avoid a return to austerity.
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