Who wins your vote on taxes?

Labour has announced measures which would cost households 610 each a year, raising around 15.8 billion. This comprises a 1 per cent rise in National Insurance, freezing personal allowances, higher taxes on top earners and higher so-called sin taxes.

The price of tobacco and alcohol will rise 2 per cent more than inflation throughout the next parliament. Fuel will climb by 1p per litre above indexation. It also plans a 50p per month broadband tax.

Overall, Labour's plans are basically fair in that they hit the wealthiest hardest, according to the IFS, which has analysed parties' plans.

By contrast, some families would not be as badly hit under the Conservatives, who would not take as much out of pay packets, by reversing some of Labour's tax increases, notably National Insurance. It would raise taxes by only 10.5bn, but additional money would be saved by cutting waste in the public sector.

With the exception of the NI hike, and the broadband tax, which it would also scrap, the Conservatives say they would implement Labour's other proposals, with a few tweaks of their own. These include a married couples allowance, scrapping the couple penalty for tax credits and a new 1 million threshold for inheritance tax.

As such, the IFS concludes that the Tories' plans are also broadly fair, although those at the very bottom of the income scale may lose proportionately slightly more, while those at the very top may gain.

However, the Conservatives' proposals would strengthen the incentive to work, whereas Labour's plans would weaken them.

Despite taking anyone with earnings less than 10,000 out of tax altogether, the Lib Dems are actually increasing the tax burden to nearly 20bn, although the IFS is doubtful about some of its accounting.

Nevertheless, it points out that while the Conservatives are attempting to mitigate Labour's tax rises, the Lib Dems are adding to them.

They have no immediate plans to reverse Labour's NI increase, would remove higher rate tax relief on pensions and would reform capital gains tax so it is taxed as income. They will introduce a mansion tax, which would impose a new annual charge on owners of property worth over 2m, and levy higher rates of council tax on second homes.

They would overhaul air passenger duty, replacing it with a per-plane tax, and increase fuel duty so that they could offer cheaper petrol to those living in rural areas.

As such, while the Lib Dems' proposals do little to help the least well-off, they would redistribute cash from the better-off to middle earners.

The Scottish National Party is staunchly opposed to Labour's National Insurance hike, but otherwise is generally supportive of its tax and benefit plans.

However, it is concerned that the other parties will attempt to tackle the deficit too quickly, tipping the economy back into recession.

We lay out the parties' plans in more detail below, to help you decide under which party you will be better or worse off.

TAX FREEDOM FOR SCOTLAND

LABOUR

Labour has said they will implement the Calman Commission recommendations to give more tax-raising powers to the Scottish Parliament.

CONSERVATIVES

Though accepting the Scottish Parliament should have more responsibility for raising the money its spends, the Tories have not committed to implementing Calman, saying they will produce their own white paper by May 2011 to set out how to progress issues raised by Calman. They promise legislation within the next parliament.

LIB DEMS

The Lib Dems take a radical view of Calman and want to implement the recommendations in full along with proposals to re-localise business rates and give local authorities the power to tax second homes more.

COUNCIL TAX

LABOUR

No change

CONSERVATIVES

Promise a council tax freeze (Cost 1.4 billion).

LIB DEMS

Believe council tax should ideally be replaced by a local income tax. However, there are no plans for one in their manifesto, although they would support pilot schemes in local authorities that volunteer. Increase for second-home owners. Currently, these properties qualify for a 15 per cent reduction. The Lib Dems want the discount scrapped and second homes charged at an even higher levy than for main residences.

SNP

Says Scottish Government has already frozen council tax for three years, and council tax freeze for next year already confirmed. Would like to move to a fairer system of local tax, but in the current climate freezing council tax and leaving money in people's pockets is the priority.

INHERITANCE TAX

LABOUR

Froze the nil rate band at 325,000 until 2015. Above this tax is charged at 40 per cent, although married couples can use both allowances, bringing their combined exemption to 650,000.

CONSERVATIVES

Plan to increase the nil rate band to 1 million, giving a single person a 1m tax-free allowance and couples 2m, thereby effectively abolishing death taxes for all but a very small number of the very rich who do not plan their affairs in a tax-efficient manner, according to the IFS.

Currently, only 3 per cent of estates pay tax, either because their assets are too low on death, or because they have failed to engage in efficient tax planning. This number would fall to 2,000, or a third of a per cent. (Cost 1.2 billion.)

LIB DEMS

Will stick with Labour's proposals.

SNP

Will stick with Labour's proposals.

CHILD TRUST FUNDS

LABOUR

Will keep system.

CONSERVATIVES

Want to stop for all but the poorest third of families (saves 225m).

LIB DEMS

Stop contributions (saves 500m).

SNP

Would resist changes which would diminish child trust funds.

INCOME TAX

LABOUR

By failing to up-rate the personal tax allowance at the Budget, the government has cut what can be earned before tax by 130, while freezing the higher rate threshold will see more people paying 40 per cent tax. The IFS estimates these changes will push 500,000 into the 40 per cent bracket, and force 100,000 more into paying tax at all (saves 1.6 billion). It pledges not to increase the basic, higher or 50 per cent tax rate.

CONSERVATIVES

The Tories would not reverse the freezing of allowances, but are planning a transferable tax allowance for married couples, worth 150 a year to four million, or a third of all married couples (Cost 500 million). Manifesto pledge: will not reverse the 50p tax on earnings over 150,000, but do not see it as a permanent feature of the tax system.

LIB DEMS

Propose increasing basic personal allowance from 6,475 to 10,000, while keeping the higher rate threshold where Labour has set it. The main beneficiaries would be two-income families where each partner gains 705 annually by removing 3,525 from 20 per cent tax. Better-off pensioners may also gain. (Cost 16.8bn).

SNP

Has no plans to change Labour's income tax rises in the pipeline and is opposed to further increases.

MINIMUM WAGE

LABOUR

Plans to give the Low Pay Commission a remit to set the national minimum wage so that it increases by at least the rate of average earnings up to 2015. However, this is lower than the rate of increase it has enjoyed since 1999.

CONSERVATIVES

No change

LIB DEMS

Plan to set it at the same level for all workers over 16, rather than the current age-related system.

SNP

Will stick with Labour's plans.

OTHER BENEFITS

LABOUR

From April 2010 Labour temporarily increased a number of benefits including child and working tax credits, and most disability benefits by 1.5 per cent. Next April these will be cut by 1.5 per cent. (Saves 0.7 billion a year). Similarly a temporary increase in mortgage interest support relief to help victims of the crunch will expire at the end of 2010, saving 0.3bn.

CONSERVATIVES

No change

LIB DEMS

No change

SNP

No change

PENSIONS

LABOUR

Will restore the link between state pensions and earnings from 2012 by increasing the basic pension annually by the rise in earnings, inflation or 2.5 per cent, whichever is the greater. (Cost 0.9bn by 2015.) Pension ages are rising, with the age at which women qualify for a full pension up to 65 by 2020. The qualifying age for other associated benefits such as winter fuel allowance, pension credits and free bus passes are also rising. By 2026 everyone will have to wait until 66 for a full pension, by 2036 to 67 and by 2046 to 68. The temporary rise in the winter fuel allowance will continue for next winter, but is due to expire after that. (Saves 0.6bn.)

CONSERVATIVES

Would bring forward the increase to the state pension age to 66 by 2016 for men and 2020 for women. They have also declared an intention to reverse the tax increase on private pension funds which followed the abolition of the tax credit. They would restore the link with earnings by 2012.

LIB DEMS

Propose to restrict income tax relief on pension contributions to basic rate, which will double the cost of saving for a pension for higher earners. (Saves 5.5bn.) The IFS says this would be unfair because tax relief is not a gift but a deferral of tax. The Lib Dems also want to restrict the winter fuel allowance to households where the oldest person is 64. They plan to restore the link with earnings from April 2011.

SNP

Has the long-term objective of a living citizens pension for all which would do away with means testing. Would also restore the link with earnings.

TAX CREDITS

LABOUR

Increase child element of the child tax credit for families with children aged one or two, worth an additional 4 weekly. Plans to introduce a Better Off In Work credit, which insures that working tax credit is paid at a rate that guarantees you are 40 better off at work than on benefits. Pilots have indicated this would help very few people as it can only be claimed for six months and by people who were on the dole.

CONSERVATIVES

Want to end tax credits for better off families, jointly earning more than 50,000. However, the IFS calculates under its plans the "family element" of the child tax credit would begin to be clawed back at 40,000. So families with an income below 40,000 would not be affected, while those between 40,000 and 48,175 would lose some of their credits. The biggest hit would be sustained by those earning between 48,175 to 50,000 who would lose 545. (Saves 400 million.).

The Tories have also pledged to end the "couple" penalty in the tax credit system, although the IFS is sceptical about how easily this could be achieved.

LIB DEMS

want the credits withdrawn faster from higher earning families, starting with those with one child earning more than 25,000, which would see this group and above lose 545 annually. The IFS says that child poverty would not be increased because 25,000 is above the poverty level.( Saves 1.3bn) They would also move to a system paying fixed credits for six months, so families no longer face claw-backs as their income fluctuates.

SNP

No changes to credits.

NATIONAL INSURANCE

LABOUR

From April 2011, Labour plans to increase National Insurance by 1 per cent on both employees and employers for workers earning 20,000 and over. The IFS says everyone but the very poorest will be worse off if employers cut wages to recoup the extra levy, as they are likely to do. Those earning about 26,000 will be 130 worse off annually, and those on 36,000 poorer by 260. (Saves 6 billion 2011/12)

CONSERVATIVES

Will mitigate the planned rise by increasing the threshold at which the tax kicks in to 2,418, so that anyone earning less than 35,000 will not lose out. Overall, anyone earning between 8,400 and 44,000 will pay less NI than under Labour.

However, the Tories plan to increase the threshold at which higher rates of NI are paid so that anyone earning more than 45,500 will not be better off under the Tories than Labour. (Cost 5.4bn)

LIBERAL DEMOCRATS

Will impose Labour's planned increases, but have promised to reverse this when money is available.

SNP

Opposes National Insurance rise, saying it will cost jobs and threaten the recovery.

PROPERTY TAXES

LABOUR

A stamp duty holiday for first-time buyers on properties below 250,000 will continue until March 2012 (cost 0.6 billion annually). From next April, more expensive properties worth over 1 million will be subject to an increased rate of stamp duty, up from 4 per cent to 5 per cent.

The IFS believes this may have an impact on the price of property over this limit, as buyers will not be prepared to pay more. (Saves 0.2bn annually.)

CONSERVATIVES

Would make Labour's stamp duty holiday permanent (cost 300m).

LIB DEMS

A new mansion tax for properties over 2m would be charged at 1 per cent a year, so that a 5m property would attract a 30,000 annual bill. About 70,000 properties (one in 400) worth an average 4.4m would attract a 24,000 annual bill. If the owner is over 65, the tax can be deferred for two years until the property is sold. (Saves 1.7bn). The IFS estimates this could wipe up to 30 per cent off the value of homes worth over 2m. The fear might be that the tax, once established, could be imposed on cheaper properties.

The Lib Dems also want to end the anomaly whereby newly built property is exempt from VAT but repairs are charged at the full 17.5 per cent rate. It plans to introduce a specific rate of VAT on new-build property but reduce it on repairs.

The IFS warns such a system might be impossible to police, leaving tax inspectors to decide what is a repair, and therefore taxed at a reduced rate, and what is not and therefore subject to full VAT.

SNP

Would not reverse Labour's stamp duty holiday, but believe few first-time buyers in Scotland will benefit as the average price they pay is significantly lower.