The Prime Minister is considering abolishing inheritance tax, according to reports.
, with an extra £175,000 allowance towards a main residence if it is passed onto children or grandchildren. A married couple can share this, meaning parents can pass on £1 million to their children without any tax being paid.fall below the threshold, meaning most people do not pay a levy. According to the latest figures - which are for the tax year 2020 to 2021 - just 3.73% of deaths in the UK resulted in an inheritance tax charge.
Rishi Sunak is reportedly drawing up plans to slash inheritance tax as he looks to attract voters ahead of the next general election. Credit: Getty Images Responding to the Sunday Times, Number 10 insisted that formal plans were not being worked on. But a senior government source told the newspaper that advisers had been “looking at abolishing inheritance tax as something that might go in the manifesto.” They then added however: “It’s not something we can afford to do yet.”
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