David Cameron & the Conservative Party have pledged to cut inheritance tax so it becomes a levy only for "the rich" as they seek to gain votes before a national election in four months.

George Osborne, the Conservative finance minister, gave his strongest signal yet he would reduce the tax -- also known as death duties -- saying he would set out plans before the May 7 election to make the system fairer.

"I have taken steps to help with inheritance, making sure that people can pass on their pension to their children," Osborne told The Sunday Times newspaper in an interview.

"David Cameron has made it clear, as have I, that we believe inheritance tax is a tax that should be paid by the rich and we will set out our further approach closer to the election."

Inheritance tax has become increasingly unpopular with many Britons as rising property prices, particularly in London, mean a greater proportion of people are liable to pay it.

Before the last election, in 2010, the Conservatives promised to raise the threshold at which the 40 percent inheritance tax on estates starts being paid to one million pounds ($1.52 million) from its current level of £325,000 or £650,000 for married couples

Osborne will deliver the final budget of this parliament on March 18.

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