Under controversial plans, probate fees were due to rise from £155 or £215 to up to £20,000 for some estates in England and Wales from May.
However, the Ministry of Justice has now said there is not enough time for the legislation to go through parliament.
A senior Conservative declined to say if the scheme would return if the prime minister was re-elected, suggesting a U-turn.
Trethowans, the lead sponsor for The News’ Business Excellence Awards, has welcomed the news.
Mihiri Gajraj, head of the private client team, said: ‘The announcement is a welcome one. The proposed probate fees certainly fit the term “stealth death tax” and with many estates already paying inheritance tax, an additional tax seems unfair.’