More than 50 Conservative MPs, together with former chancellor Nadhim Zahawi, have urged Prime Minister Rishi Sunak and Chancellor Jeremy Hunt to scrap the tax, in accordance with The Telegraph.

Ms Truss, who resigned as prime minister after a disastrous mini-budget final 12 months, additionally backs the decision to abolish the tax.

Inheritance tax cropped up as a problem throughout final summer season’s Tory management contest. At a hustings in Leeds, Ms Truss had advised Tory members: “I think our tax system in Britain isn’t working. It’s too complicated. It’s even more complicated than the American tax system which we know is a nightmare.”

“So what I would do is have a complete review of the tax system. I want to make it fairer for families, so if people take time out of work to look after children or elderly relatives they are not penalised. And I would also look at inheritance tax as part of that review.”

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The most up-to-date requires abolition of the tax have been met with scepticism from senior economists and tax specialists.

Paul Johnson, head of the unbiased financial suppose tank the Institute for Fiscal Studies, stated the tax ought to as a substitute be overhauled, because it tends to be simpler to keep away from for the very wealthy with broadly-based wealth than for these with just one asset.

He tweeted: “Rather than scrapping IHT we urgently need to reform it. It is genuinely unfair.

“The very wealthy pay an average rate half, or less, that paid by the moderately wealthy. If all you leave is the family house it’s hard to avoid. If you have millions it is absurdly easy to avoid.”

Inheritance tax is paid when an individual’s property is price greater than £325,000 once they die, and they don't go away the whole lot above the brink to their partner, civil accomplice, a charity or a neighborhood newbie sports activities membership.

Very few folks truly pay the tax because of the excessive threshold and exemptions.

The Treasury stated the 40% levy, utilized to the a part of the property above the Government-set threshold, raises greater than £7 billion a 12 months to assist fund public providers.

Dan Neidle, the founding father of the Tax Policy Associates suppose tank, famous that abolishing it will imply dropping that tax income “to benefit the wealthiest 4%”.

He stated on Twitter that most individuals imagine the 40% price, one of many highest on the earth, is “unfair”, however that the very rich solely “pay about 20%, thanks to over-generous exemptions”.

“The obvious answer: scrap/limit the exemptions, and use the revenues raised to reduce the rate. 25%, or perhaps even 20%.

“Make it a fair tax, applying at a fair rate to the upper-middle class, and at that same rate to the very wealthy.”

The New Economics Foundation suppose tank tweeted: “Inheritance tax applies to a small number of wealthy people. Most of us would see no benefit from scrapping it.

“To give our children the best chance in future we need this government to focus on fixing our crumbling schools and hospitals – not giving a tax break to the wealthy.”

Leading the cost of Tories calling for the tax to be eradicated is Mr Zahawi, the multi-millionaire former businessman who was sacked as Conservative Party chairman amid controversy over his personal tax affairs.

He described the tax as a “spectre that haunts us alongside death” and stated it was “morally wrong” to take somebody’s belongings on their dying.

The Telegraph reported that the Conservative Growth Group of 55 MPs, fashioned by allies of Ms Truss, will publish a paper on the problem as a part of a marketing campaign this month to persuade the Treasury to abolish inheritance tax when it places ahead the Autumn Statement later this 12 months.