POLITICIANS and economists have reacted with outrage amid reports Rishi Sunak is drawing up plans to slash inheritance tax.
According to The Times, plans to cut the levy before eventually abolishing it entirely is intended as a crowd-pleasing announcement before next month’sInheritance tax is charged at 40 per cent for estates worth more than £325,000 with an extra £175,000 allowance towards a main residence if it is passed to children or grandchildren.
One such proposal is for the PM to announce his intention to phase out the levy by reducing the 40 per cent inheritance tax in the budget in March, while setting out a pathway to abolish it completely in the future.
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