Tories are considering abolishing inheritance tax to win votes

The source said the prime minister has repeatedly said he wants to cut taxes. Credit: Reuters

Inheritance tax could be abolished as Conservatives plan to do so in the next election as part of an effort to protect Blue Wall seats in the south of England.

There are lively discussions at No. 10 about abolition collection next year, according to The Times.

The Conservatives were supposed to cut income tax instead, but removing inheritance tax would be cheaper, costing the Treasury about £7bn a year, rather than £13.7bn.

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This happened after of how the Tories have identified 32 «true blue» seats they say Thatcherist candidates must fight for in the next election to avoid an «existential crisis» for the party.

Neither Downing Street nor the Treasury denied that «live» discussions were taking place on inheritance tax when The Telegraph reached out Friday night.

A government source said «reducing inflation is a very important priority now,” but declined to comment on promises this would be done before the next election.

Countries with top inheritance tax rates in excess of 60%

Source #10 told The Telegraph: “The prime minister has repeatedly said he wants to lower taxes for the people.

“For conservatives, this is obvious. , we want people to save more of their own money.

“But the current economic climate means the government is fully focused on halving inflation to help people have more in their pockets at the end of each month.

“This kind of speculation about the future just doesn’t cross his mind at the moment and requires an economic environment different from the one we operate in.”

This comes amid growing calls to death. the tax will be cancelled.

Last week, the think tank, co-founded by Margaret Thatcher, joined more than 50 Conservative MPs in calling for its abolition.

The tax «The Center for Policy Research said it was unfair and hurts economic damage.

Inheritance Tax Calculator

Former Chancellor George Osborne, who in 2007 promised to raise the zero rate threshold to £1 million, said earlier this month that threshold should be raised to account for inflation.

< p>Under current regulations, there is a 40% inheritance tax on property above the £325,000 threshold, the 'zero range', which has been frozen since 2009 and will remain so until 2028.

There is an additional allowance of £175,000 for a person's primary residence if passed on to children or grandchildren. Spouses can also share their allowances.

Last year the tax officer raised £7.1bn in death tax.