Cameron promises to end inheritance tax

David Cameron has promised to end inheritance tax on properties worth up to £1 million should the Conservatives win the General Election.

The Tories claim 22 thousand families could benefit from a bigger allowance by 2020, which would enable parents to pass property onto their children tax free.

ITV News Europe Editor James Mates reports:

David Cameron has said a Conservative government will end inheritance tax on family homes worth up to £1m from April 2017.

"We will take the family home out of inheritance tax.That home that you have worked and saved for belongs to you and your family. You should be able to pass it onto your children. And with the Conservatives, the tax man will not get his hands on it."

Labour's deputy leader Harriet Harman said the party will integrate a range of tax reform measures if they were in government to ensure those at the top pay more.

She said it was not a priority of the party to enable those on higher incomes or with assets worth over £650,000 to save money through inheritance tax. She said the policy was the "polar opposite" of what Labour want to do. Speaking on the BBC1 Andrew Marr show she said:

"It is becoming clearer and clearer if we get to the election. The Tories are only helping a few people and we want everyone to be better off."

Labour has said that David Cameron's announcement that a Conservative government would end inheritance tax on family homes worth up to £1m from April 2017 "is just the latest panicky promise".