The Conservative Party has unveiled proposals to slash taxes by £21 billion, including abolishing Inheritance Tax. The Tax Reform Commission has proposed that Inheritance Tax should be scrapped and replaced with a short-term Capital Gains Tax on death, which would permit primary residences to be passed to heirs without taxation.

David Cameron, leader of the Conservatives, says:
"Britain's tax system is too complicated and taxes are too high. This is damaging Britain's ability to compete in the world. The battle for a simpler, fairer and more competitive tax system has begun."