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%