Chancellor Rachel Reeves has been warned that her plan to hike inheritance tax risks punishing middle-class homeowners as the backlash against her Budget intensified. Ms Reeves is considering an increase on the death tax, which raises about £7bn for the Treasury each year, despite the fact it is routinely found to be one of voters' least favourite measures.
Senior Conservatives said the chancellor was forcing those who had saved all their lives to pay the price, as criticism of her Budget mounts. Shadow chancellor Jeremy Hunt accused Labour of planning the tax rises for months, without the courage to admit it to the public during the election campaign.
Sir Iain Duncan-Smith told The Independent the tax would punish ordinary people who have worked hard. Referencing the £325,000 cut-off for charging inheritance tax, he said: 'We're not talking about zillionaires. With house prices in southern England, you won't even get a flat for that money.'
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