Conservatives plan to raise inheritance tax threshold

The inheritance tax threshold would rise to £2 million under a Conservative government, the party has confirmed.

Shadow chancellor George Osborne plans to increase the threshold from its current level of £600,000.

The move was initially announced last year as a response to Alistair Darling's increase from £300,000 in the Pre-Budget Report.

But the Telegraph newspaper today claimed to reveal details of the plan. On one person's death the government would transfer his or her £1 million threshold to the spouse, giving the surviving member of the couple a £2 million threshold.

A spokesperson for Mr Osborne confirmed to politics.co.uk the details of the Telegraph story were "accurate" but said nothing had changed since last year.

Support for the Conservative proposal contributed to Labour's polling reversal which caused Mr Brown to call off last autumn's rumoured snap election.