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Osborne 'to cut inheritance tax' Tories would cut inheritance tax
(20 minutes later)
Shadow Chancellor George Osborne says a Conservative government will increase the threshold for inheritance tax from the current £300,000 to £1m. The threshold for inheritance tax would rise from £300,000 to £1m under a Conservative government, George Osborne has told the party's conference.
He will also scrap stamp duty for first time buyers on homes up to £250,000. Stamp duty for first-time buyers on homes worth up to £250,000 would be scrapped, the shadow chancellor added.
And in a bid to turn the tables on Gordon Brown, the cuts will be paid for with a fee charged on business people who register abroad for tax purposes. The cuts would be paid for with a fee charged to business people who register abroad for tax purposes.
Mr Brown has been under pressure from his own party over tax breaks for wealthy "non-domiciled" UK residents. Gordon Brown has been under pressure from his own party over tax breaks for wealthy "non-domiciled" UK residents.
The £3.1bn cost of increasing the inheritance tax threshold and the £400m bill for scrapping stamp duty will be paid for by imposing a £25,000 charge for non-domicile taxpayers. The £3.1bn cost of increasing the inheritance tax threshold and the £400m bill for scrapping stamp duty would be funded by imposing a £25,000 per year charge for non-domicile taxpayers.
CertaintyCertainty
These are between 150,000 and 200,000 people who live in this country but who do not pay tax on the money they make abroad.These are between 150,000 and 200,000 people who live in this country but who do not pay tax on the money they make abroad.
They would be asked to pay around £25,000 per year to register for that non-domicile status.
HAVE YOUR SAY Hooray! Tax breaks for hard-working married couples! As a bone-idle single person I will gladly pay more tax to help double-income households David, Ely Send us your commentsHAVE YOUR SAY Hooray! Tax breaks for hard-working married couples! As a bone-idle single person I will gladly pay more tax to help double-income households David, Ely Send us your comments
Mr Osborne told BBC Radio 4's Today programme: "I don't want to go chasing their income in off-shore bank accounts. Mr Osborne told the Conservative party conference in Blackpool the inheritance tax change would benefit nine million families and ensure "only millionaires pay death duties".
"All I am asking these people to do, in return for the certainty that I am not going to do any of those things in the years ahead, is that they pay this levy which I think is set at a pretty modest amount for most of them." Arguing there was now a "new dividing line in British politics", ahead of a possible snap election, he said: "We will take the family home out of inheritance tax.
The shadow chancellor made it clear that the extra money he raises from green taxes - in particular, aviation taxes - will go into what he calls a "family fund" to pay for tax cuts for families to be announced closer to a general election "In a Conservative Britain you will not be punished for working hard and saving hard."
Mr Osborne said he did not want to go chasing after income in the off-shore bank accounts of non-domiciles.
"But in return for that promise and the certainty it brings, we will charge a flat annual levy of about £25,000 for those who register for non-domicile status," he said.
The shadow chancellor made it clear the extra money he raised from green taxes - in particular, aviation taxes - would go into what he calls a "family fund" to pay for tax cuts for families. The details of the fund will be announced closer to a general election
The Tories are using their week in Blackpool to unveil the key policies on which they will fight Labour.The Tories are using their week in Blackpool to unveil the key policies on which they will fight Labour.
Tax cutsTax cuts
A flurry of announcements over the past few days has included give tax breaks to some couples with children and the introduction of a new airline pollution tax. A flurry of announcements over the past few days has included giving tax breaks to some couples with children and the introduction of a new airline pollution tax.
The party has also said it would axe Home Information Packs and end "garden grabbing" by developers by changing planning rules.The party has also said it would axe Home Information Packs and end "garden grabbing" by developers by changing planning rules.
TORY CONFERENCE: 0945 -1100 - Public services debate. Speakers: Andrew Lansley and Michael Gove 1115 -1230 - Economic competitiveness debate. Speakers: George Osborne, Alan Duncan, Theresa Villiers1430 - 1545 - Fixing Our Broken Society debate. Speaker: Chris Grayling1600 - 1700 - Childhood in Britain debate. Speaker: David Willetts At a glance: Tory conferenceTORY CONFERENCE: 0945 -1100 - Public services debate. Speakers: Andrew Lansley and Michael Gove 1115 -1230 - Economic competitiveness debate. Speakers: George Osborne, Alan Duncan, Theresa Villiers1430 - 1545 - Fixing Our Broken Society debate. Speaker: Chris Grayling1600 - 1700 - Childhood in Britain debate. Speaker: David Willetts At a glance: Tory conference
In his speech Mr Osborne said: "The question people are asking of us this week is simple: are we ready to lead? Are we ready to lead our country out of a decade of disappointment and disillusion and betrayal of trust?In his speech Mr Osborne said: "The question people are asking of us this week is simple: are we ready to lead? Are we ready to lead our country out of a decade of disappointment and disillusion and betrayal of trust?
"The British people want change - and they want to know if we are the change. This week let us send the resounding answer. Yes, we are ready."The British people want change - and they want to know if we are the change. This week let us send the resounding answer. Yes, we are ready.
"For we will put ourselves forward for office as the ally of those who aspire; the friend of those who are left behind; the champion of those who strive for a better life for themselves and their children.""For we will put ourselves forward for office as the ally of those who aspire; the friend of those who are left behind; the champion of those who strive for a better life for themselves and their children."
Monday also sees proposals for a crackdown on the compensation culture which Conservatives say threatens school trips and adventure holidays.Monday also sees proposals for a crackdown on the compensation culture which Conservatives say threatens school trips and adventure holidays.