cost exempted financial £billion

Homeowners with properties worth up to £1million will be able to pass them on to their children tax-free under plans drawn up by George Osborne, it was claimed last night.The Chancellor’s proposal is expected to become a key part of the Tory manifesto, but will not be included in tomorrow’s Budget after it was blocked by the Liberal Democrats.Plans to raise the inheritance threshold to £1million were included in the party’s manifesto at the last election, but were vetoed as part of the Coalition deal in 2010.Scroll down for video 
Passing on properties: The tax break would mean just over 20,000 fewer estates would annually have any inheritance liability. A file photo of a road in Wandsworth, south-west London, is pictured
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According to Treasury papers leaked to The Guardian, the proposed measures would also reduce the inheritance tax bill on properties worth up to £2million by £140,000.The tax break, which would mean just over 20,000 fewer estates would annually have any inheritance liability, is expected to cost nearly £1billion.In the papers, the officials note that the move ‘will generally be very popular with the public and in the media. It will allow you to say you are exempting those with modest homes from inheritance tax (with up to £1million of assets) exempted in certain circumstances.’The document, prepared for Treasury financial secretary David Gauke, added: ‘You have indicated a desire to reduce the burden of inheritance tax.‘Having considered the cost of a substantial increase in the existing nil rate band, you and the Chancellor have indicated you would like instead to introduce a more targeted measure to allow the family home to be passed onto the children of deceased without it leading to an inheritance tax liability.‘This reflects the concern raised by the public about rising house prices increasingly leading to estates with a modest house particularly in London and the South East paying inheritance tax.’
Chancellor: George Osborne’s proposal is expected to become a key part of the Tory manifesto, but will not be included in tomorrow’s Budget after it was blocked by the Lib Dems (file picture of Mr Osborne in 2014)Tories’ £1m inheritance tax giveaway aimed at wealthier households | Money | The Guardian

defending bedrock

Brendan Rodgers says Liverpool have second place in their sights after they boosted their Champions League hopes in Swansea.Jordan Henderson’s freak goal in the 68th minute ended Swansea’s spirited resistance and put Liverpool within two points off Manchester United.The two biggest clubs in English football go head-to-head at Anfield this weekend and whoever wins will be favourites to finish in the top four.
Brendan Rodgers says Liverpool have second place in their sights following the win against Swansea City
Jordan Henderson (pictured) scored with a deflected strike that was enough to seal victory for the away sideRodgers, however, insists Liverpool should be aiming higher and feels Manchester City’s defeat at Burnley has opened the table up.Liverpool’s manager said: ‘The aim is to finish as high as we can. Everyone talks about fourth but it’s the same every year for me.‘We do the best that we can do and the Manchester City result at the weekend gives us an opportunity to finish second so our mentality, the run and confidence we have at the moment we are just going to take that into every game and see where it takes us.’This was Liverpool’s sixth consecutive away clean sheet in the league – they have not conceded on the road since losing at Old Trafford on December 14 – and defending provided the bedrock of this performance. They equalled a club record dating back to 1972.Liverpool were not at their best in the opening 45 minutes and needed some smart interventions from goalkeeper Simon Mignolet before Steven Gerrard came on as a second half substitute to provide some composure.Previous
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a charity of the

The BBC has backed Top Gear over Jeremy Clarkson’s use of the word ‘pikey’.The word – used as a derogatory term for gipsies or travellers – was part of a ‘running gag’ between Clarkson and fellow presenter James May about their colleague Richard Hammond’s perceived cheap style.A complaint was lodged by the Traveller Movement charity after it appeared on a placard in a Top Gear episode from February last year.
Top Gear hosts: The word pikey was part of a ‘running gag’ between Jeremy Clarkson (right) and fellow presenter James May (left) about the perceived cheap style of their colleague Richard Hammond (centre)The BBC Trust acknowledged that the word ‘pikey’ derived from ‘turnpike’ and so related to Travellers in a ruling due to be published today.But according to The Independent, the Trust’s Editorial Standards Committee said there had been ‘no intended racist reference’ by the Top Gear team.
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The ruling stated: ‘The committee believed the word “pikey” had evolved into common parlance among a number of people to mean “chavvy” or “cheap” and … viewers would not necessarily associate it with the Gipsy and Traveller communities.’But a Traveller Movement spokesman told the newspaper: ‘We are horrified by the BBC’s green-lighting of the use of the word “pikey” by the Top Gear presenters.
Embattled presenter: The future of Clarkson (pictured leaving his house in London yesterday) at the BBC is in doubt amid claims that he punched a producer in North YorkshireJeremy Clarkson ruling: Travellers group objects as BBC Trust says Top Gear presenters use of pikey was not racist – TV & Radio – Media – The Independent