The Prime Minister said he wanted to “reward people’s hard work” and “cut taxes responsibly” as Britain emerges from the cost of living crisis.
Mr Sunak said that falling inflation and a growing economy had put the government in a strong position to do so.
Asked if cuts to stamp duty and inheritance tax could be on the cards the PM said: “I would never comment on specific taxes. But what I will just say, though, is we have turned a corner.
“We have got inflation down, as I said we would, we have grown the economy and we are now focused on controlling spending and controlling welfare so we can cut taxes.
“So when we can do more, we will. We want to grow the economy, we want to reward people’s hard work and aspirations and cut their taxes responsibly.
“That is the direction of travel from this Government.” Chancellor Jeeremy Hunt resisted calls to make the changes in last month’s Autumn statement over fears it could nudge up inflation.
Inheritance tax is currently 40% on estates over £325,000, or over £1million for couples leaving a family home.
It comes as a new Policy Exchange report proposes radical reforms to create millions of new capitalists and give younger people a better chance of becoming property owners.
Business and trade Secretary Kemi Badenoch said: “Ownership not only brings material benefits, but imbues a sense of responsibility, of care and of stewardship in those who possess it.
It is why, as Business Secretary, I have been proud to champion those who invest in our industries – and to create the conditions for small business owners to thrive.
“There is a clear moral case that those who work hard have the opportunity to enjoy the fruits of their labours.”
