Liz Truss says she was ready to abolish inheritance tax as prime minister

Liz Truss said during her successful Tory campaign last summer that she wants to revise the fee. Credit: AP Photo/Eugene Hoshiko

Liz Truss said she would eliminate inheritance tax in her next budget if she had not been forced to abandon her economic plans after the collapse of her premiership.

Former conspiracy Prime Minister's plan to reduce the death penalty was thwarted when she was forced to resign after six weeks of chaos in Downing Street.

Ms Truss has already backed The Telegraph's campaign to repeal the tax, which she believes , punishes those who «work hard to make money.»

The South West Norfolk MP said during her successful Tory leadership campaign last summer that she would like to reconsider the tax.

Now she has revealed that she and her Chancellor Kwasi Kwarteng planned to eliminate the tax entirely in their next a budget due in the spring.

Kwasi Kwarteng and Liz Truss planned to eliminate inheritance tax entirely in a future budget . Photo: Shutterstock/Tolga Akmen

However, the short period of her 49-day premiership meant that she was unable to put her ideas into practice. p>

In an extensive interview with GB News on Thursday, Ms. Truss said: «I really think we should abolish inheritance tax.»

«I think it's unfair to pay tax twice, and in fact, this is one of the things that Chancellor Kwasi and I planned to do in the next budget, which, unfortunately, we did not have time, but we planned to eliminate the inheritance tax.

She added: “I believe that most of the time with inheritance tax, people end up gifting property to their children early, they end up making decisions that may not be right for them and their families because of this tax. And that's something that's currently being overlooked.»

Ms Truss stepped down after only 44 days in office last fall, making her the shortest-tenured prime minister in UK history .< /p>

She beat Rishi Sunak in the race for Boris Johnson's seat by vowing to adopt a program of low taxes and rapid growth.

Fast decline

But her political popularity plummeted as the pound collapsed and the Bank of England was forced to intervene to stabilize markets after her controversial mini-budget.

Ms Truss said the «financial event» was a «scapegoat» for problems that had been «brewing» for months, including rising interest rates and the cost of mortgages , which have already been predicted.

The former prime minister is among more than 50 Conservative MPs who are demanding that Mr. Sunak waive the «immoral» inheritance tax.

Earlier this month, The Telegraph reported that the proportion of homes at risk from the tax has more than doubled since the Tories took over.

The inheritance tax threshold remains at 325 £000 from 2010 and Jeremy Hunt, chancellor, has frozen it until 2028. Nearly 40% of homes sold in England and Wales last year were worth more than the basic allowance.