The Chancellor is set to hit aristocrats and other wealthy property owners with a £1 billion inheritance tax raid in her Budget. Rachel Reeves is looking at reforming business relief, a loophole which allows the rich to halve their inheritance tax bills.

Rachel Reeves is set to hit aristocrats and other wealthy property owners with a £1 billion inheritance tax raid in the budget.

Labour’s manifesto pledged not to raise income tax rates. Last year, Ms Reeves appeared to agree, saying: “People on average earnings are paying more in tax because they are dragged into higher tax brackets. That is a sign of failure. The government is picking the pockets of working people.”