Reform Party Rules Out Abolishing Inheritance Tax Amid Tory Considerations

The Reform Party has ruled out the abolition of inheritance tax, criticizing the Conservative Party for considering such a move. Robert Jenrick, Reform's candidate for Chancellor, acknowledged that the 40% tax on deceased estates is 'unfair' and 'very unpopular,' but he stated that it does not generate significant revenue. Jenrick expressed that it would be 'morally wrong' to prioritize tax cuts for wealthy individuals during a cost-of-living crisis. Tory leader Kemi Badenoch is reportedly set to announce a plan to abolish inheritance tax at the party's annual conference next month, a move reminiscent of a similar pledge made by Shadow Chancellor George Osborne in 2007. Conservative sources have indicated that the tax cut is still under discussion and will only be confirmed if it can be fully costed. Shadow Foreign Secretary Tom Tugendhat noted that Badenoch will not announce anything until the conference. Jenrick pointed out that inheritance tax is only paid by approximately 30,000 estates valued over £325,000. He emphasized a political divide, suggesting that while the Conservatives may focus on tax cuts for the wealthy, Reform aims to increase the personal allowance to exempt workers earning less than £15,000 and pensioners from income tax. He remarked that the proposal to abolish inheritance tax is out of touch and reiterated that it is not a priority for him as Chancellor. A Reform source stated that while they would like to eliminate inheritance tax, their primary focus is on raising the tax-free personal allowance, which would benefit 40 million people. Jenrick also criticized the Tories for previously promising to abolish inheritance tax while collecting £84 billion from families affected by the tax.