The hung parliament has added a good dose of confusion to where tax policy may now lie with the combined Conservative/Liberal Democrat coalition. The Tories were the only party to set out firm proposals on cutting corporation tax (mainstream rate down to 25% and small companies' rate to 20%) and mitigating some of the proposed increase in national insurance contributions due from next April. They also proposed in their election manifesto an increase in the inheritance tax nil rate band to ￡1 m per adult.
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