Election 2015 - Policy on Tax
Below are a few pointers to party policy with the election due on 9th May.
All these points may be subject to change as the party manifestos won’t be released until March; once they are a firmer picture of each parties position will be available.
CONSERVATIVES – PARTY POLICY ON TAX
- Increase the personal allowance to £12,500
- Increase the basic rate band to £50,000
- Time limits on retrospective capital allowances claims.
- More investment in tackling tax avoidance and evasion
- Changes to employment law to allow some employees to be self employed
LIBERAL DEMOCRATS – PARTY POLICY ON TAX
- Increase personal allowance to £11,000 in the first year of the new Parliament, and gradually increase to £12,500
- A rise in the tax on dividends for additional rate tax payers
- A cut in the pension tax relief lifetime allowance to £1,000,000
- Raising the CGT rate from 28% to 35% for higher rate taxpayers
- Cutting the CGT annual allowance from £11,000 to £2,500
LABOUR – PARTY POLICY ON TAX
- A return of the 50% rate for additional rate tax payers
- Reintroduction of the 10% starting rate of income tax
- A cessation of higher rate income tax relief on pension contributions
- Introduction of a mansion tax on expensive properties (over £2million)
UKIP – PARTY POLICY ON TAX
- Increase personal allowance to £13,500 the level of the national minimum wage.
- Introduction of a new 35% rate of income tax for some people currently paying at 40%
- A proposal to scrap inheritance tax
- A turnover tax for large multinational companies
GREEN PARTY - PARTY POLICY ON TAX
- Higher taxes for people earning over £45,000
- Asset tax on people worth over £3million at 1 or 2%
- Higher taxes on Fuel and energy usage
SNP – PARTY POLICY ON TAX
- Cut fuel duty in Scotland by 10p per gallon
- Tax paid in Scotland stays in Scotland
- 50% rate of tax on earnings over £150,000
PLAID CYMRU -PARTY POLICY ON TAX
- 20% duty of fizzy drinks
- Top rate of tax at 50%
Posted on Mar 08, 2015.
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