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Lib Dems attack Tory tax cuts

The Liberal Democrats have hit out at Tory proposals to cut inheritance tax and stamp duty, saying it will result in a £7bn shortfall.

In a press conference this morning Conservative leader David Cameron said the cuts would be paid for by taxing non-doms.

He said: “Every other spending pledge we have made, every tax pledge we have made, is fully costed and fully set out.

“If you take for example the pledge on inheritance tax, which we’ve said is not for a first budget but is a pledge for a parliament, that is to be paid for by taxing the non-doms, the people who live here but do not pay full tax here.”

But the Liberal Democrats say that proposed tax on non-doms would fall nearly £7bn short of covering the cost of the cuts.

Shadow chancellor Vince Cable says: “It’s unbelievable that the Tories are still planning to cut taxes for a handful of millionaires when the majority of people across the country are feeling the squeeze. We need fair tax cuts that put money back in the pockets of ordinary people.

“The Tory sums simply do not stack up. It is irresponsible and highly misleading for George Osborne to continue to pretend that they do. If Osborne and Cameron can’t get these simple sums right how can they possibly be trusted to run the economy.”

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  1. Cameron could do either of two things:-
    1) Increase the IHT limit to £500,000 per person and preserve the current “Transferability”
    2)Increase the limit to £1,000,000 per person but without transferability.
    The latter would actually be the more fair to non married co-dependants such as elderly brothers and sisters sharing a home, to elderly people sharing a house with a supporting daughter, niece or nephew etc. and to divorcees who would lose the “Spousal” transfer.

    Either of these could be classified as a) immediate 1st Budget, Promise for 1st Parliament, or “aspiration for when we can afford it ”

    A neat cop out could be to announce a public consultation after the Election on whether a larger non transferable or smaller transferable allowance would be the way to go.

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