Reform has stated it will not abolish inheritance tax, a policy being considered by the Conservative Party, branding the Tories "out of touch" for prioritizing tax cuts for the wealthy amid a cost of living crisis.

Robert Jenrick, Reform's designated Chancellor, acknowledged the 40% inheritance tax on estates valued over £325,000 is "unfair" and "very unpopular." However, he argued that the tax "doesn't raise very much money" and that abolishing it would be "morally wrong" when many households are struggling financially.

Jenrick contrasted Reform's approach with the Conservative proposal, which Conservative leader Kemi Badenoch may announce at the party's upcoming conference. He stated that Reform's priority would be to increase the personal allowance for income tax, ensuring that workers earning less than £15,000 and pensioners are exempt from paying it.

"That's the big difference," Jenrick told Sky News. "If you ask are we in hock to wealthy people? No, absolutely not, because we're not reducing taxes for the super-rich, for big businesses, for Belgravia. We are on the side of working people."

He suggested that focusing on cutting inheritance tax would create a "big divide in British politics," pitting the wealthy against working people, a division Reform aims to avoid by supporting ordinary citizens.

Conservative sources indicated that the policy of abolishing inheritance tax is still under discussion and would only be confirmed if it can be fully costed. Shadow Foreign Secretary Tom Tugendhat stated that Badenoch would not make any announcements before the party conference, though a party spokesman confirmed her desire to cut taxes, specifically mentioning inheritance tax.

The debate over inheritance tax echoes a similar pledge made by former Shadow Chancellor George Osborne in 2007, which was not implemented but reportedly influenced political decisions at the time. Approximately 30,000 estates are subject to inheritance tax annually. Jenrick emphasized that such a policy is "very out of touch, actually. And also it's not going to happen."