The Chancellor has drawn up plans to allow parents to leave homes worth up £1 million to their children without paying inheritance tax, according to leaked Treasury papers.
The Guardian stated it had seen documents that also showed the inheritance tax bill on properties worth up to £2 million would be cut by £140,000 under the scheme.
The papers, marked "sensitive", note the main beneficiaries of the plan - which would cost the Exchequer almost £1 billion a year - would "most likely benefit high income and wealthier households".
It is understood the measure will not feature in George Osborne's final Budget of the current Parliament tomorrow, but could be taken up by the Conservatives if they regain power after the General Election.
A Treasury spokeswoman said they had no comment on the report.
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Schools face a "postcode lottery" in funding, with some likely to receive almost £2 million less than others over the next year, head teachers have warned.
This funding gap is enough to pay for around 40 teachers, according to the Association of School and College Leaders (ASCL).
The union blamed the gulf on a "historic grant system that does not work" and said it is calling for a new, national fair funding formula to ensure schools are handed the money they need.
A Department for Education spokeswoman said, "We have put an extra £390 million into the schools budget for 2015-16 to increase the per-pupil budgets of the 69 least fairly funded areas."
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Chancellor George has said that "difficult decisions" still need to be made to ensure Britain's economy becomes more balanced.
"We still have to make decisions because we are still running a five per cent budget deficit," he told the Andrew Marr show.
Asked about deep cuts in the next Parliament, he said: "Our argument is that we have to run a surplus in the good years. You have to mend the roof in the sun. You cant have great public services unless you have a strong economy. We have set out five years of plans, and we have two more years after that."
On the suggestion of a deal with Ukip, he said: "It is total nonsense. Voting for Nigel Farage makes Ed Miliband a likely Prime Minister.
"Nigel Farage is not going to win seats in the House of Commons."
Chancellor George Osborne has said next week's Budget will not contain pre-election 'gimmicks' even though British voters will go to the polls in less than two months.
Writing in the Sun on Sunday (£), the Chancellor admitted the "job is far from finished" and said he will use his last Budget statement of this Parliament to outline long-term measures that would "deliver a truly national recovery".
Mr Osborne said government plans include investment in tech start-ups, the chemical sector and ultrafast broadband and a promise to build 45,000 new homes on brownfield sites.
He wrote: "I said in 2010 we are all in it together - and I meant it. So this week my Budget will set out measures to make sure we keep delivering a truly national recovery. We mustn't go back to the bad old days of just relying on the City of London for growth.
"In this Budget we will take further steps to invest in and grow all parts and industries of the UK.
"So, my Budget will not be a Budget of pre-election gimmicks or giveaways. It will be a Budget for the long term."
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