The Conservative Party chairman has hinted at a possible future cut in inheritance tax

Grant Shapps said the Tories' instincts were as a "lower tax party", but stressed no commitment could be made until the deficit was brought "under control".

Asked about the party's manifesto and if it would promise a cut in inheritance tax, he told Sky News' Murnaghan programme: "Look, the Prime Minister said before that our instincts are as a lower tax party, we don't want to see people earn their money, work all their lives, build up an asset perhaps in their home and have it stripped away from them but we've been absolutely clear, we can't make that commitment until we've got the deficit under control.

"George Osborne has been clear about that, it's going to take another couple more years of austerity, we need to cut a further £30 billion to do that and then I very much hope we can move to the things that I think are, if you like, imperatives.

"I think you should with tax cuts look after the least well-off in society which is why we are going to move that tax threshold up to £12,500, someone on the minimum wage won't pay any tax at all."

In October last year, David Cameron gave a fresh indication he would like to increase the inheritance tax threshold so that it only hits the "very wealthy".

The Prime Minister said people who did not feel "in any way mega-rich" were being affected by the tax.

He told a gathering of pensioners and older workers that people should be able to pass their family home to their children "rather than leave it to the taxman".

Inheritance tax is levied at a rate of 40% on the value of an estate above the £325,000 threshold - with married couples able effectively to combine their allowances to £650,000.

The Tories had promised to raise the threshold to £1 million but the policy did not feature in the coalition agreement with the Liberal Democrats when the Government took office in 2010 - with the priority given to raising the personal income tax allowance instead.