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Inheritance taxes cut for couples Inheritance taxes cut for couples
(20 minutes later)
Chancellor Alistair Darling has raised the inheritance tax threshold for married couples to £600,000 - and said it will rise to £700,000 from 2010. Chancellor Alistair Darling has doubled the inheritance tax threshold for married couples to £600,000 - and said it will rise to £700,000 from 2010.
To Tory jeers, he also pledged to close loopholes for private equity bosses and "non-domiciled" tax payers. He also targeted private equity bosses and "non-domiciles" in his pre-Budget report - and pledged to switch green air taxes to flights, not passengers.
In his pre-Budget report and spending review he also pledged more money for schools and hospitals, but downgraded UK economic growth forecasts for 2008. Schools and hospitals will get more cash than expected but growth forecasts for 2008 were downgraded to 2-2.5%.
The Tories said it was a "pre-election budget without an election".The Tories said it was a "pre-election budget without an election".
Shadow chancellor George Osborne said it was "weak and cynical" pre-Budget report and asked if Mr Darling had planned to reform inheritance tax before the Tories unveiled their own proposals last week.
Tighter spendingTighter spending
Setting out his plans, Mr Darling said Tory plans to charge a flat rate of £25,000 on non-doms - people who register abroad for tax purposes - did not add up.Setting out his plans, Mr Darling said Tory plans to charge a flat rate of £25,000 on non-doms - people who register abroad for tax purposes - did not add up.
He said he would consult on early legislation on non-domiciled taxpayers, as a first step introducing a charge after seven years, then a higher rate after 10.He said he would consult on early legislation on non-domiciled taxpayers, as a first step introducing a charge after seven years, then a higher rate after 10.
READ THE REPORT Pre-Budget Report and Comprehensive Spending Review 2007 in full [1.5MB] Most computers will open this document automatically, but you may need Adobe ReaderREAD THE REPORT Pre-Budget Report and Comprehensive Spending Review 2007 in full [1.5MB] Most computers will open this document automatically, but you may need Adobe Reader
He also said he would prevent people claiming they were out of the country when they were actually in the UK - and from disguising income as capital. These measures would raise an average of £650m, he said.He also said he would prevent people claiming they were out of the country when they were actually in the UK - and from disguising income as capital. These measures would raise an average of £650m, he said.
Mr Darling also set out the government's Comprehensive Spending Review, which he said "will be tighter for many departments".Mr Darling also set out the government's Comprehensive Spending Review, which he said "will be tighter for many departments".
He said there would be an extra £400m for the armed forces, including cash for improved accommodation.He said there would be an extra £400m for the armed forces, including cash for improved accommodation.
On Tuesday morning Alistair Darling told the Cabinet that the economy remained strong and well positioned to deal with increased global economic uncertainty.On Tuesday morning Alistair Darling told the Cabinet that the economy remained strong and well positioned to deal with increased global economic uncertainty.
Spending known
In an interview with the Financial Times last week, Mr Darling said there would undoubtedly be an effect on Britain from the "credit crunch" experienced in the US.In an interview with the Financial Times last week, Mr Darling said there would undoubtedly be an effect on Britain from the "credit crunch" experienced in the US.
Lower forecasts
Spending reviews detail how much money the government will put into schools, hospitals and other public services.Spending reviews detail how much money the government will put into schools, hospitals and other public services.
HAVE YOUR SAY In a time of increasing global instability, defence spending needs to be a priority Bryan McC, UK Send us your commentsHAVE YOUR SAY In a time of increasing global instability, defence spending needs to be a priority Bryan McC, UK Send us your comments
Mr Brown had already said that education spending in the UK will rise from £77.4bn in 2007/08 to £90bn by 2010/11.Mr Brown had already said that education spending in the UK will rise from £77.4bn in 2007/08 to £90bn by 2010/11.
Since 2002 the NHS has been given record annual funding increases of about 7%. There is speculation this will slow to between 3% and 3.5% by 2011/12.Since 2002 the NHS has been given record annual funding increases of about 7%. There is speculation this will slow to between 3% and 3.5% by 2011/12.
The prime minister had already announced an extra £7.7bn for defence and some departments have agreed to a 5%-a-year real-terms cut over the CSR period - including HM Revenue and Customs and the Department for Work and Pensions.The prime minister had already announced an extra £7.7bn for defence and some departments have agreed to a 5%-a-year real-terms cut over the CSR period - including HM Revenue and Customs and the Department for Work and Pensions.