British Prime Minister David Cameron said that the inheritance tax threshold could witness a rise before the election in May 2015.
Cameron wants to include a policy in his final Budget which allows to raise the £325,000 inheritance tax threshold, that is scheduled to take place next March, reports The Telegraph.
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Following beginning of the new tax year, the allowance could be increased as early as next year April.
The Prime Minister said that 40% tax on houses should be spared for middle-class households: "Inheritance tax should [only] be paid by the very wealthy, and I think you should be able to pass a family home on to your children rather than leave it to the taxman."
He added that the allowance was inadequate in some parts of the country where house prices have increased exponentially.
In fact, cost of properties located in London and the South East is more than the threshold at which 40% tax charge is triggered.
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