Rachel Reeves' Budget mastermind has reportedly called for a death tax raid on family homes. Labour Party Chancellor Ms Reeves is expected to target inheritance and burden 30,000 families a year with higher bills.

Insiders and advisors to the Chancellor want death duty relief to be slashed by over a third. Under current inheritance tax rules, people can pass up to £1m of assets, including their house, onto their children without paying death duties.

Each parent gets an allowance of £500,000, which consists of two parts, and which can be combined to make up the full tax-free amount, under current rules from the tax authority. The tax-free amount comprises a standard £325,000 per person inheritance tax threshold.

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