Kemi Badenoch, leader of the Conservative Party, announced plans to reform inheritance tax during the party's annual conference. The proposed changes include raising the tax-free threshold from £325,000 to £500,000 and exempting family homes from inheritance tax, which could significantly benefit wealthier households.
Tax experts suggest that while the reforms could reduce the number of estates subject to inheritance tax, they may also discourage downsizing among older homeowners and primarily advantage those with higher-value estates, particularly in affluent regions.