The Tory leader’s proposal to slash the tax would shovel £6 bn of taxpayer money to the already-wealthy Kemi Badenoch’s inheritance tax gambit is a Conservative classic. After all, it was George Osborne’s high-profile pledge to “take the family home out of inheritance tax” in 2007 that put Gordon Brown off calling a snap general election.
In practice, Osborne’s plan involved a £1 m threshold for inheritance tax – and given the global financial crisis had blown a hole in the public finances by the time the Conservative-Lib Dem coalition came to power in 2010, it never came to pass. Continue reading...