UK Conservative Party leader Kemi Badenoch has pledged to abolish inheritance tax on family homes if her party wins the next general election.
Badenoch made the promise while addressing the Conservative Party’s annual conference in Birmingham, where she said a future Tory government would legislate to ensure families did not pay inheritance tax on their homes.
“The next Conservative government will legislate so nobody will ever pay inheritance tax on their family home,” she said.
Badenoch said the policy would significantly reduce the number of families liable to pay the tax, presenting it as part of the Conservatives’ plan to ease financial pressure on households.
She urged party members to take the Conservative message across the country ahead of the next election, describing the poll as a contest over the “soul of the nation”.
Badenoch said the Conservatives were prepared to return to government and improve living standards in Britain.
“We are going to win, not for ourselves, but for our country, for every hard-working person out there,” she said.
Under the current UK system, inheritance tax is charged at 40 per cent on estates above the £325,000 tax-free threshold.
The allowance can rise to £500,000 where a main residence is passed to direct descendants, while married couples and civil partners can combine allowances, potentially allowing up to £1m to be transferred without inheritance tax, subject to the applicable rules.
Badenoch said the proposed change would form part of the Conservative Party’s wider plan to make life easier for British families and strengthen its appeal ahead of the next election.
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