GOVERNMENT CONFIRMS THE DATE OF THE NEXT SPRING BUDGET AS 6 MARCH – Sunak accused of ‘desperate’ inheritance tax briefing

Rishi Sunak has been accused of a “desperate” briefing on inheritance tax (IHT) after reports suggested it would be slashed ahead of the next election.

It comes as the government confirmed the date of the next spring budget, which will be delivered on 6 March.

With a general election looming next year, Mr Sunak will be under pressure from Tory MPs to announce tax cuts to boost their chances of victory.

Around 4% of people pay inheritance tax. At present it is charged at 40% and applies to estates worth more than £325,000, but there are allowances that can mean it’s only paid on more valuable estates.

Those in favour of the tax say it is important for social mobility and abolishing it would be a giveaway for the wealthiest minority.

However, some Conservative MPs who want to see it scrapped call it a “death tax” because it applies to earnings that have already been taxed.

Others have called for it to be reformed rather than scrapped, with experts pointing out exemption thresholds allow many couples to pass on up to £1m tax-free.