Inheritance Tax will be Paid by About 4 Million Under Labour

It seems that inheritance tax is all set to become the new hot topic of discussion and controversy, especially with the elections looming large, after Conservatives have released figures which forecast that about 4 million people would be paying the tax imposed under Labour.

The analysis, in addition, also hints that the average bill for the so-called "death duty" would amount to some 60,000 Pounds for every estate, which marks an "about-turn" for the Conservatives, suggesting that the party might come out and fight heavily on the issue.

Over the recent weeks, the Tories have been looking to raise the inheritance tax threshold to 1 Million Pounds, which would allow Labour to portray them as a levy of the super-wealthy.

Earlier this month, during Prime Minister's Question Time, Gordon Brown had taunted the Conservative leader, David Cameron, with regards to the policy, stating that it had been dreamed up on the playing fields of Eton".

Philip Hammond, the Shadow Chief Secretary to the Treasury, while criticizing the policy has said, "These figures show that inheritance tax remains a threat for millions of families under Labour. If you aspire to save for your future and pass something on to your children then Labour is no longer the party for you".

The Conservatives have stressed that they will take the tax back and impose it on just those who truly deserve it - the nation's millionaires.