UK Prime Minister Rishi Sunak plans to reduce the nation’s inheritance tax to drum up support ahead of the next general election, The Times reported Saturday.
Sunak will probably announce the plans before next month’s Conservative Party conference, according to the paper. The tax talks are happening at the highest level of government, The Times reported, citing three people it didn’t identify.
Inheritance tax is now 40% for estates worth more than £325,000 ($400,000), with an extra £175,000 allowance toward a main residence if it’s passed to children or grandchildren, The Times reported.
