Tories in trust pledge over taxes

In the wake of the Government's chaotic reforms to rules on capital gains tax and so-called "non-doms", Mr Osborne insisted plans had to be published earlier.

Under a Tory administration, any complex changes would be disclosed no later than the autumn Pre-Budget report - leaving several months for discussion with experts and business before they are finalised in the Budget.

Mr Osborne said the move would remove confusion and spell the end for "stealth taxes".

"Future governments will no longer be able to bury the bad news in the small print," he said.

Mr Osborne was speaking at the launch of a review of tax policy led by former Conservative Chancellor Geoffrey Howe.

He also endorsed the report's calls for scrutiny to be boosted in other ways, indicating that a Tory Government would create a joint parliamentary committee on taxation, drawing on the experience of peers as well as MPs.

An Office of Tax Simplification would also be set up, bringing together Treasury officials, academics and professions to consider how the tax system could be made more straightforward.

Mr Osborne told the event in the City that the proposals represented a "revolution" in policy-making.

"At a time of deep economic difficulty, the last thing the Treasury should be doing is creating yet more uncertainty and instability. With these proposals a future Conservative Government will restore trust in the tax system so that businesses and individuals can work, save and invest with confidence."