Tories 'to unveil' taxation plans

Date: 29th December 2008

The Conservative Party is set to unveil a set of new taxation breaks for hard-pressed individuals and small businesses, according to a report.

Speaking to the Sunday Times newspaper, shadow chancellor George Osborne stated that he would be looking at national insurance reductions as a way of cutting expenses.

The newspaper also understood that the party's financial spokesman was considering abolishing the basic tax rate on savings and increasing allowances for those aged 65 years or over.

Mr Osborne told the Sunday Times: "I am not writing my 2010 budget now, but my priority is to try to reverse the increase in national insurance because it is a tax that affects the vast majority of people in Britain."

He claimed that national insurance was a tax "on jobs" at a time of widespread unemployment, leading to more people being put "under severe strain".

Elsewhere, the self-assessment tax return deadline is fast approaching for small businesses, and will fall on January 31st.