Income Tax
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- Increase (to 45% tax above £80k, 50% above £125k, otherwise frozen
- Tax income from wealth at same rate as employment income.
- Scrap married couples allowance.
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- Add 1p to all income tax rates
- Scrap married couples allowance.
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Capital Gains Tax
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- Reform of Entrepreneurs' Relief
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- Replace annual exemption with de-minimis £1k allowance
- Scrap Entrepreneurs' Relief.
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- Abolish annual allowance; one allowance for gains and salaries
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Corporation Tax
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- Increase main rate to 26% by April 2022 (21% small profits rate by April 2021)
- Review of reliefs
- Unitary taxation of multi-national groups; profits declared where activity occurs.
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- Increase to 20% and keep rate stable
- Reform PE rules to stop multinationals shifting profit out of UK
- Support OECD on taxation of multinationals.
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NIC
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- Promised not to raise
- Increase threshold to £9.5k in 2020/21 and eventually to £12,500
- Increase employer allowance from £3k to £4k
- Employer NIC 1 yr holiday for ex-armed forces.
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IHT
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VAT
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- Promised not to raise
- Remove from female sanitary products
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- Promised not to raise
- Remove charitable status VAT reliefs from private schools.
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- 5% for electronic vehicles
- Remove from female sanitary products
- Refunding for colleges.
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Pensions
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- Retain "triple lock" guarantee
- Address loophole for net pay schemes for those on £10-12k.
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- Retain "triple lock" guarantee
- Abandon plans to raise State Pension Age.
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- Review to protect those in the gig economy.
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R&D
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- Increase tax credit to 13%
- Review scope (esp. cloud accounting and data).
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- Increased support
- Phase out R&D credits for large corporations, and Patent Box.
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- Increase national spending on R&D and creative industry tax support
- Allow R&D credit claim against cost of datasets & cloud accounting.
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Capital Allowances
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Stamp Duties
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- 3% SDLT surcharge for non-res acquiring UK property
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- 20% Offshore Company Property Levy in addition to SDLT
- Extend Stamp Duty Reserve Tax.
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- SDLT surcharge for non-residents purchasing second homes
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Employment Related
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- Further increases to National Living Wage
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- Introduce Real Living Wage of at least £10ph for >16yos
- Employee share ownership requirement for large companies (>250 e'ees)
- Single status of "worker" for all except genuine self-employed
- Reform Apprenticeship Levy
- Excessive pay levy for employer where employees earn >£330k.
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- Review Living Wage and increase minimum wage for zero hours
- Employee rights to request shares in listed companies (>250 e'ees)
- New "dependent contractor" status between emp/self-emp
- End loan charge and review IR35 proposals
- Expand Apprenticeship Levy.
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Business Rates etc
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- Business rates enhancement/extension for some businesses
- Review support for self-employed.
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- Review of land value tax alternative to business rates (commercial landlords)
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- Replace business rates with commercial landowner levy
- Simplification of business taxation and "start up" allowance.
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Other
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- Consolidate anti-evasion and avoidance rules
- Increase digital services tax
- Plastic packaging tax
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- Soft drinks levy extended to milk
- Windfall tax on oil companies
- Reverse cuts to Bank Levy
- New levy on overseas companies buying housing
- Up to 200% council tax increase for second homes, and empty property tax
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- New general anti-avoidance rule and tax gap reduction target
- Improve digital services tax
- Air passenger duty increased/reduced for frequent/occasional flyers
- Up to 500% council tax increase for second homes
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