A Conservative Government would raise the threshold for inheritance tax to £1m, according to Shadow Chancellor, George Osborne.
In a speech to the Conservative Party conference in Blackpool, Osborne says he would make cuts to inheritance tax and stop first time buyers paying stamp duty, paid for by charging a levy on those with offshore tax status.
The Conservatives estimate increasing the inheritance tax threshold would cost around £3.1bn, while changes to stamp duty would cost about £400m. Osborne says a £25,000 levy on non-domiciled tax payers would pay for these cuts.
Osborne says cutting stamp duty on first time buyer purchases of less than £250,000 will help 9 out of 10 first time buyers, while inheritance tax changes will help those who face having to pay the tax due to the increasing value of their primary home.
“In a Conservative Britain, nine million families will benefit. In a Conservative Britain, only millionaires will pay death duties. In a Conservative Britain, you will not be punished for working hard and saving hard," says Osborne.
Meanwhile, Alan Duncan, Shadow Secretary of State for Business, Enterprise and Regulatory Reform outlined a reform agenda which would see considerable reductions in regulations.
Speaking at the conference, Duncan says: “We will make this Department the clearing house across Whitehall for all legislation which has a regulatory impact. We will ensure that for any regulation that is introduced two or more existing ones will be removed.”
Duncan claims 188 new regulations have come into force today, while over regulation costs British businesses £56bn per year.
He also pledged to end the practice of gold plating EU regulations, saying: “above all, we will end the practice of turning a one page EU directive into a hundred pages of UK law.”
Later today, Chris Grayling, Shadow Secretary of State for Work and Pensions, is expected to unveil Tory plans for a lifeboat fund for people who lost their pensions when their employers went bust.
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MoneyLens to be edited by former Mail on Sunday journalist Vicki Owen