Inheritance tax cuts to help ordinary people pass on the family home.

Yesterday the Prime Minister restated his ambition to cut inheritance tax.

Taxes are a matter for the Chancellor, but as the Prime Minister said, inheritance tax is a tax that should be paid by the very wealthy.

Conservatives believe you should be able to pass a family home on to your children rather than leave it to the taxman.

Conservatives would like to see that go further because even at £650,000, particularly in some parts of the country, you see someone who has worked hard, they have put money into their house, they have done it up to improve it and they want to leave it to their children.

They don’t feel that they are in any way the mega-rich, and they feel: ‘I should be able to do that without having 40 per cent of it knocked off’.

So Conservatives still have ambitions to do more.

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