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Clegg to outline tax policy shift Clegg sets out tax-cutting plans
(29 minutes later)
Liberal Democrat leader Nick Clegg is expected to mark a party policy shift by signalling his intention to cut tax for low and middle income families. Liberal Democrat leader Nick Clegg has marked a party policy shift by signalling his intention to cut tax for low and middle-income families.
In a speech in London, it is thought he will explain plans to crack down on tax avoidance and reform capital gains and pension tax relief. In a speech in London, he explained plans to crack down on tax avoidance and reform capital gains, corporation tax and pension tax relief.
The party leader is set to say he would tighten loopholes that enable people to conduct this practice. The party leader said he would tighten loopholes but fight against "excessive taxation" levels.
Mr Clegg has accused the government of acting unpredictably on tax issues. Mr Clegg has accused the government of acting unpredictably on fiscal issues.
He is expected to say he will tighten loopholes that enable individuals and firms to do businesses in the UK but keep their wealth in off-shore trusts. 'Means, not an end'
And the Lib Dem leader is set to say he would limit relief on pensions for higher rate taxpayers. Speaking to the Policy Exchange think-tank, he said he would tighten loopholes which allow individuals and firms to do business in the UK but keep their wealth in off-shore trusts.
BBC Political Correspondent Laura Kuenssberg said: "Reducing revenue has not traditionally been top of the list for Liberal Democrats. The Lib Dems would index-link capital gains to inflation and tax them as income, he added.
"These plans are another clear sign that, in a harsher economic climate, the debate on tax is shifting." Gordon Brown treats tax likes Forrest Gump treats a box of chocolates - you never know what you're going to get Nick Clegg, Lib Dems
At the Liberal Democrat spring conference in March he suggested that tax cuts should be on the agenda. The party would also cut the headline rate of corporation tax, Mr Clegg pledged.
And the Lib Dem leader said he would limit relief on pensions for higher rate taxpayers.
Mr Clegg added: "Tax is not a good thing in and of itself. Tax is a means to an end. So governments must never tax for the sake of it."
He criticised Gordon Brown's record as chancellor, including the manner of the abolition of the 10p income tax rate in his final Budget and the "fiendishly complicated" tax credits system.
Mr Clegg said: "It's a tombola tax system. Gordon Brown treats tax likes Forrest Gump treats a box of chocolates - you never know what you're going to get."
BBC political correspondent Laura Kuenssberg said the plans were a sign that, in a harsher economic climate, the debate on tax was shifting.
At the Liberal Democrat spring conference in March Mr Clegg suggested that tax cuts should be on the agenda.
The party is already committed to a 4p reduction in the basic rate of income tax.The party is already committed to a 4p reduction in the basic rate of income tax.
But in his speech Mr Clegg will say that the Lib Dems will "look in depth" at whether to go further. But in his speech Mr Clegg said the Lib Dems would "look in depth" at whether to go further.
He also reiterated his party's policy of scrapping council tax and replacing it with a local income tax.