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Rishi Sunak ‘considers cutting inheritance tax’

Rishi Sunak has said to be considering an inheritance tax cut ahead of the next general election, according to the Independent.

Recent figures from HM Revenue & Customs revealed that inheritance tax (IHT) receipts are £0.9 billion higher than in the same period a year earlier.

Only “4% of deaths in the UK resulted in the paying of inheritance tax and it is only paid when the value of an estate is above the £325,000 threshold.”

Earlier figures from October 2022, show that the conservative treasury minister, Andrew Griffith, revealed that he believed IHT should be “eliminated”.

Jo Maugham, director of the Good Law Project campaign group, told the Independent that cutting inheritance tax “would be a tax cut for the unearned wealth of the children of the richest people in the country – people like Rishi’s children”.

A YouGov poll found that 63% of respondents said they support increasing the inheritance tax threshold, a move backed by 77% of Conservative voters, said the Independent.

Chancellor Jeremy Hunt, said:

“The root cause of people’s anger, it’s seeing inflation above 10 per cent, the cost of the weekly shop going up and we want to make sure that we drive inflation down and we don’t have the same discussions in a year’s time.”

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