Kemi Badenoch is expected to announce plans to cut inheritance tax when she addresses the Conservative Party conference on Wednesday.
The Tory leader is reportedly considering either reducing the current 40% rate or increasing the £325,000 threshold, rather than abolishing the tax outright.
Inheritance tax currently raises about £8.5bn a year, with receipts forecast to reach £15bn by 2030 as frozen thresholds bring more estates into its scope.
Badenoch has previously described inheritance tax as unfair, saying: “My principle is that inheritance taxes are unfair.”
'Why open a business in Britain?'
Meanwhile, Jeremy Clarkson told the conference that government policy has made him question “why anybody would set up a business in this country right now”, as he warned of mounting pressures on farmers.
The Clarkson’s Farm presenter said that he was looking “quite hard” at opening a second pub but had ruled out doing so in Britain.
Clarkson described the past year for farming as “terrible”, with poor harvests adding to pressures from “Iran or Ukraine or taxes or energy costs — whatever it might be, it’s just relentless”.
“It’s terrible, is the only way of describing it,” he said. “We worked really hard all year and we ended up with, I think I’m right in saying, three ounces of hen food. It was an absolute disaster on the farming side … luckily we’ve got other projects going on now. But the farming is very, very difficult — very, very difficult at the moment.”
Clarkson, a prominent critic of changes to agricultural inheritance tax, added: “If you just left us alone, I’m pretty sure the countryside would be a lot better than it is now.”