We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Secured Loans > Conservative and Labour reveal election taxation plans

Conservative and Labour reveal election taxation plans

17th April 2015 | Published by Evo Money

The Conservative Party has said that it will exempt all properties worth less than £1 million from inheritance tax, should it win the next election.

Chancellor George Osborne said that the move will support our basic human need to provide for our children. It will mean that more homeowners are able to pass their homes on to their children without paying tax.

The Labour party said that the Conservatives have made similar promises before and failed to deliver. Deputy leader, Harriet Harman, said that as the election approaches, it was becoming clearer that the Conservatives stood to benefit the well off, whereas Labour wanted everyone to be better off.

Independent economists said that raising the level at which properties qualify for inheritance tax in this way will disproportionately benefit the wealthy and push up property prices still further.

The Labour Party has said that it will raise £7.5 billion by fining tax avoiders and closing tax loopholes should it win the coming general election. Shadow Chancellor, Ed Balls, said that his party will carry out an immediate review of tax collection in order to close all existing loopholes, if Labour wins the election in May. They promised to increase and strengthen HM Revenue and Customs’ powers to collect taxes. They will also change rules that enable private equity managers to avoid income tax and hedge funds to sidestep stamp duty.

The Conservatives have said that they will raise £5 billion from tax avoiders but have not yet said how this will be done.

Director of Institute for Fiscal Studies, Paul Johnson, said that both parties are guilty of making up numbers. Neither party can actually know how much money can be raised by cracking down on tax evasion, he added.

Category: Money
This post was written by Evo Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookie Policy | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution