Rachel Reeves is planning to raise inheritance tax as part of a push to collect up to £35 billion in the upcoming Budget. Currently, the tax is set at 40% on estates valued over £325,000 when someone dies.
Reeves is considering changes such as raising the tax rate, lowering the threshold, or adjusting exemptions. For instance, the rule that allows gifts given more than seven years before death to be tax-free might be revised. Other changes could affect tax breaks for businesses and farmland.
These potential reforms are expected to spark controversy. Although only 4% of estates pay inheritance tax, many see it as unfair. Jeremy Hunt, the Shadow Chancellor, has criticised it as "anti-Conservative."
Reeves' Budget on October 30 is expected to include significant tax hikes.
Dr David Bull hosts a head-to-head debate with journalist Nichi Hodgson and Conservative councillor, Noah Khogali.
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