Conservative leader Kemi Badenoch told her party conference on Wednesday that if
the Conservatives return to power they will abolish inheritance tax on family
homes and permit couples to pass an additional £1m tax-free (about $1.3m). She
said she hopes to remove inheritance tax entirely if public finances allow.
Current UK rules apply a 40% rate to estates above a £325,000 nil-rate band; the
main residence nil-rate band raises the threshold to £500,000 when a home is
left to direct descendants. The pledge was made on the final day of the
conference as the Conservatives sit third in opinion polls.