Shadow Chancellor, George Osborne, will vow to cut inheritance tax and stamp duty in a speech to the Conservative Party conference in Blackpool.
Osborne says he will pay for the cut in taxes by charging fees on business people registered abroad for tax purposes.
The Shadow Chancellor’s proposals include scrapping stamp duty for first time buyers on homes worth less than £250,000, further tax breaks for those with children and new green taxes.
Osborne plans to pay for tax cuts with a £25,000 levy on non-domiciles who do not pay tax on money earned abroad. The Conservatives estimate this will affect between 150,000 and 200,000 people.
Speaking on BBC Radio 4’s Today programme, Osborne says: “I don't want to go chasing [non-domiciles] income in off-shore bank accounts”.
"All I am asking these people to do….is that they pay this levy which I think is set at a pretty modest amount for most of them."
Full details of the latest policy proposals will be revealed in Osborne’s speech later this morning and David Cameron is expected to touch on issues such as inheritance tax and compensation for lost pension money in his speech today.
If you would like to comment on this story, contact:
Tel: 020 7034 2682
e-mail: [email protected]
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances