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Plans 'may lead to effective abolition of inheritance tax'

Plans 'may lead to effective abolition of inheritance tax'

People who have made wills may be thinking about revising them if the Conservatives come to power.

One of the considerations consumers often take into account when drawing up such legal documents is the impact inheritance tax will have on their estates.

According to research conducted by Grant Thornton for the Independent, plans laid out by the Tories would all but abolish the levy.

The political party announced that it would raise the threshold from its current level of £325,000 to £1 million.

Mike Warburton, the director of entrepreneurial services at Grant Thornton, commented: "For all practical purposes, inheritance tax would be abolished under Mr Osborne's proposals."

Last month, Remember A Charity released the findings of a study which showed that 63 per cent of people would like the chance to leave a video will, with many believing this would reduce the risk of family disputes over the division of assets.