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| Tories would cut inheritance tax | Tories would cut inheritance tax |
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| The threshold for inheritance tax would rise from £300,000 to £1m under a Conservative government, George Osborne has told the party's conference. | The threshold for inheritance tax would rise from £300,000 to £1m under a Conservative government, George Osborne has told the party's conference. |
| Stamp duty for first-time buyers on homes worth up to £250,000 would be scrapped, the shadow chancellor added. | Stamp duty for first-time buyers on homes worth up to £250,000 would be scrapped, the shadow chancellor added. |
| The cuts would be paid for with a fee charged to 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. |
| The Lib Dems accused Mr Osborne of making "unfunded commitments" and of backing away from taxing polluters. | The Lib Dems accused Mr Osborne of making "unfunded commitments" and of backing away from taxing polluters. |
| 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, Mr Osborne said. | 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, Mr Osborne said. |
| Certainty | Certainty |
| There 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. | There 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. |
| Prime Minister Gordon Brown has been under pressure from his own party on tax breaks for wealthy "non-domicile" residents. | Prime Minister Gordon Brown has been under pressure from his own party on tax breaks for wealthy "non-domicile" residents. |
| 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". | 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". |
| NON-DOMICILED TAXPAYERS Live in the UK and may even have UK citizenshipHave strong allegiance to their country of originPay tax only on UK earnings, not on profits from businesses abroadNot the same as non-residents, who have tax-free status if they do not exceed 89 days a year in UK Full text: Osborne speech | NON-DOMICILED TAXPAYERS Live in the UK and may even have UK citizenshipHave strong allegiance to their country of originPay tax only on UK earnings, not on profits from businesses abroadNot the same as non-residents, who have tax-free status if they do not exceed 89 days a year in UK Full text: Osborne speech |
| He said his party wanted to help "people whose only crime in the eyes of the taxman is that instead of spending their savings on themselves they want to pass something on to their families". | He said his party wanted to help "people whose only crime in the eyes of the taxman is that instead of spending their savings on themselves they want to pass something on to their families". |
| "The next Conservative government will raise the inheritance tax threshold to £1 million. That means we will take the family home out of inheritance tax. | "The next Conservative government will raise the inheritance tax threshold to £1 million. That means we will take the family home out of inheritance tax. |
| "In a Conservative Britain you will not be punished for working hard and saving hard." | "In a Conservative Britain you will not be punished for working hard and saving hard." |
| 'Family fund' | 'Family fund' |
| Mr Osborne said he did not want to go chasing after income in the off-shore bank accounts of non-domiciles. | 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. | "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. |
| INHERITANCE TAX IHT is a form of death duty on estates valued at more than £300,000Above that threshold they are taxed at 40%About 40,000 estates a year are subject to IHTIt includes the value of a house - unless it is left to a UK-domiciled spouseAssets given away in the seven years before death subject to IHT At a glance: Tory conference | |
| Later he denied his plans for a £25,000 levy would prompt high-earners to leave Britain, telling a fringe meeting: "I think that is not going to happen. For them, what they want is certainty." | Later he denied his plans for a £25,000 levy would prompt high-earners to leave Britain, telling a fringe meeting: "I think that is not going to happen. For them, what they want is certainty." |
| He 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 | He 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 |
| Mr Osborne conceded that the Tories had had their own period of appearing to be out of touch with the modern world, of not understanding the concept of civil partnerships or that many women want both careers and families. | Mr Osborne conceded that the Tories had had their own period of appearing to be out of touch with the modern world, of not understanding the concept of civil partnerships or that many women want both careers and families. |
| "But thanks to David Cameron we've worked hard to change our party. Now we are the champions of modern Britain." | "But thanks to David Cameron we've worked hard to change our party. Now we are the champions of modern Britain." |
| Tax cuts | Tax cuts |
| 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. |
| 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. | 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. |
| 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 comments | 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 comments |
| 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. |
| And there are also proposals for a crackdown on the compensation culture which Conservatives say threatens school trips and adventure holidays. | And there are also proposals for a crackdown on the compensation culture which Conservatives say threatens school trips and adventure holidays. |
| But Lib Dem Treasury spokesman Vince Cable said Mr Osborne had "backed out of any meaningful commitment" to green taxes and had not said anything about the 3% rate of stamp duty paid on properties over £250,000. | But Lib Dem Treasury spokesman Vince Cable said Mr Osborne had "backed out of any meaningful commitment" to green taxes and had not said anything about the 3% rate of stamp duty paid on properties over £250,000. |
| He also accused the Tories of not adequately explaining how they would pay for their inheritance tax plans. | He also accused the Tories of not adequately explaining how they would pay for their inheritance tax plans. |
| "Any expectation that the Conservatives had a radical and meaningful plan for fairer taxes has been blown out of the water with this utterly feeble set of half promises and unfunded commitments," he said. | "Any expectation that the Conservatives had a radical and meaningful plan for fairer taxes has been blown out of the water with this utterly feeble set of half promises and unfunded commitments," he said. |