NomoreinheritancetaxMore soon.  Click on the image on the right to enlarge the leaflet that was distributed immediately after George Osborne’s well-received speech.

1.40pm: Mr Osborne’s plan to lift the inheritance tax threshold to £1m was announced this morning to rapturous applause from Conservative Party members.  This is "the death knell for death taxes," he declared.  It is the third big tax and spending policy announced by the Conservatives that grassroots activists will look forward to selling on the doorsteps.

We’ve also had the abolition of stamp duty for first-time buyers on all homes up to £250,000 in value.  There was also Saturday’s promise to abolish the penalty that penalises 1.8 million two-parent families raising children.

None of these tax cut promises will be funded by the proceeds of growth, however.  They will be funded by a combination of savings from welfare budgets and from a new £25,000 once-a-year poll tax on  businesspeople classed as "non-domiciled" in the UK; non-doms.

Speaking on Radio 4’s World at One, Oliver Letwin conceded that many of the savings would only be delivered progressively – over a number of years.  This could mean some delay in full delivery of the tax cut pledges.

8pm: This from Matthew Elliott at The TaxPayers’ Alliance: "When taxpayers listen to George Osborne’s speech on TV tonight, they’ll be very pleased with what they hear. It contained some excellent announcements. The flat fee on non-doms makes the package add up, but before it’s implemented in practice, I think the Conservatives should look very carefully at whether it could drive the entrepreneurs out of the country who are making London the world’s financial centre and keeping our country afloat."

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