News

Monday 22nd May 2017

Conservative manifesto: Theresa May's key tax policies for General Election 2017

  • Personal tax allowance to be increased to £12,500 while higher tax rate threshold increased to £50,000 by 2020
  • Corporation tax to fall to 17% by 2020
  • A full review of business rates
  • Freeze on VAT rate, but significantly no mention of either income tax or national insurance in this context
  • One-year national insurance holiday will be extended to businesses employing former wards of the care system, people with disabilities or chronic mental health problems, and rehabilitated convicts
  • Manifesto promises to simplify the tax system, but not further detail is given
  • Residents will be able to veto high increases in council tax via local referenda