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Ken Clarke clarifies inheritance tax comment

Today would have seen top Labour officials rubbing their hands in glee at the apparent fallout within the Conservative party regarding inheritance tax. Ken Clarke, the shadow business secretary, came out to suggest that an earlier declaration by David Cameron regarding inheritance tax was not "top of the agenda". Many had taken is to mean it was now being taken off the agenda but today Ken Clarke has clarified his comments.

The Tory party had committed some time ago to increasing the inheritance tax allowance to £1 million per person which would in effect mean only the superrich in the UK pay IHT. However, the mix-up regarding Ken Clarke's comments appeared to suggest David Cameron was about to ditch this policy and there were internal disputes within the party. However, thankfully for Tory party supporters, and not so thankfully for Labour Party supporters, the Conservatives have today reiterated their stance which is unchanged - with Ken Clarke leading the way.

Inheritance tax has been a headline grabber across the UK for some time and under Gordon Brown's stewardship of the Treasury and as prime minister more and more people have been brought within the grasp of IHT. This would appear to be about to change if the Tory party gain power at the next election, much to the joy of many across the UK. However, this does not mean that inheritance tax planning and general tax planning should be dismissed because there are specific investment tools out there to ensure you protect your nearest and dearest in the future.

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