Tories consider scrapping inheritance tax; Reform UK opposes plan
The Conservative Party is reportedly considering a pledge to abolish inheritance tax, with the policy potentially forming the centrepiece of Kemi Badenoch's upcoming party conference speech. Reform UK's shadow chancellor Robert Jenrick criticised the idea as a 'desperate play', claiming the Tories had previously broken promises on the tax, and instead proposed raising the personal tax-free allowance to £15,000, which he said would save 40 million people £500 a year. Shadow Foreign Secretary Tom Tugendhat refused to confirm or rule out the policy, while emphasising his desire for tax reductions and criticising Labour's changes to inheritance tax on family farms. Inheritance tax currently applies to under 5% of estates, and its abolition would affect a relatively small number of taxpayers compared to Reform's broader income tax proposal.
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