2. The Conservative Party
Business rates
Osborne has pledged to keep the rate at 21%, the
lowest rate in the G20. This Is Money
The Treasury announced a review of these charges,
due to report back before the 2016 budget. It also
unveiled a £1 billion package to reduce the cost of
business rates in 2015-16. ttgdigital.com
Businessrates
3. The Conservative Party
Corporation tax
Will be supporting companies by cutting corporation
tax “Tories plans to lower corporation tax to 20%.”
IB Times
Corporationtax
4. The Conservative Party
National Insurance
Osborne says the Conservatives will abolish all
national insurance contributions for employers of
people under-21s – what Osborne calls the “jobs tax”.
Guardian
Cameron: He pledges there will be no income tax
rise, no VAT rise, no national insurance rise under a
Tory government. Guardian
National Insurance
5. The Conservative Party
pension provision
Maintain the triple lock on the state pension, so
it rises by the highest of prices, earnings, or 2.5.
Guardian
Protect universal pensioner benefits such as free bus
pass, TV licence, and Winter Fuel Payment.
Reward savings by introducing a new single-tier
pension.
Give people the freedom to invest and spend their
pension however they like.
pension provision
6. The Conservative Party
Other potentially
relevant changes:
Maintain the triple lock on the state pension, so
it rises by the highest of prices, earnings, or 2.5.
Guardian
Protect universal pensioner benefits such as free bus
pass, TV licence, and Winter Fuel Payment.
Reward savings by introducing a new
single-tier pension.
Give people the freedom to invest and spend their
pension however they like.
Other potentially
relevant changes:
7. The labour Party
Business rates
Labour’s manifesto says it will cut and then freeze
business rates for 1.5 million small business
properties ttgdigital.com
Cut business rates for small firms in 2015 and freeze
them in 2016. (I.e Cut business rates for SMEs.) This
includes an immediate cut in business rates for 1.5
million small business premises.
Increase the National Minimum Wage to £8 an hour
before the end of the Parliament
8. Corporation tax
Tax breaks for companies that sign up to pay a
living wage.
Reverse the Government’s final cut in corporation tax
to pay for a reduction in rates for small businesses.
Possible increase in Corporation Tax by as much as
six per cent. Telegraph
The labour Party
10. pension provision
Keep “triple lock” on pensions and cut tax relief on
pensions for wealthier savers Guardian
The labour Party
11. Other potentially
relevant changes:
Other potentially relevant changes: Reintroduce the
50p top rate of income tax for earnings over £150,000.
Re-introduce the lower 10% starting rate of tax. Cut
income tax for 24 million people. Bring in a “mansion
tax” on properties worth over £2m, to raise £1.2bn.
A tax on bankers’ bonuses. A 5% pay cut for every
government minister. Raise minimum wage to £8
an hour and ban “exploitative” zero hours contracts.
80,000 more apprenticeships. Raise the rate at which
tax payers begin to pay 40 per cent of their income.
Labour will also scrap Non dom tax status, Telegraph
The labour Party
12. The labour Party
This plan involves cutting back tax relief for very high
earners - those earning over £150,000 so that they only
qualify for 20pc tax relief. The raid will mean earners
with salaries between £150,000 and £180,000 a year
progressively lose tax relief on pension contributions -
the more they earn they more they lose.
So instead of getting their pension contributions
boosted 45pc by the Government, they will get a
20pc boost - the equivalent to the relief paid to
basic rate taxpayers when they save into a pension.
Telegraph
13. The liberal democrats
Business rates
It was the party’s Danny Alexander, chief secretary
to the Treasury, who launched the new review into
business rates in March, due to report in 2016. So it
seems unlikely that the Lib Dems will change course
on this issue. Guardian
14. Corporation tax
Impose an additional 8% rate of corporation tax on
UK banks to raise an extra £1bn a year to help pay
off the deficit. The Guardian
The liberal democrats
15. National Insurance
Have ruled out increasing NI contributions, but didn’t
rule out lowering the 40p tax
The liberal democrats
16. pension provision
The Lib Dems will propose new laws to guarantee
that the annual state pension would be at least
£790 higher by the end of the next parliament. The
party would also back the “triple lock” system for
pensions. “If we are serious about having a decent
state pension we need to go further...That is why the
Liberal Democrats will guarantee in law that in each
year pensions will rise by the highest of wages, prices
or 2.5%.” Guardian
The liberal democrats
17. Other potentially
relevant changes:
Raise the personal allowance to £11,000 in April 2016
and then to £12,500 by 2020. There are also Lib Dem
plans to increase capital gains tax - paid on profits from
second homes or shares - from 28% to 35%. Bring in
£14bn from tax rises on corporations and the wealthy,
and reduced tax avoidance
The liberal democrats
18. summary
For competitive business rates and reduced corporation tax, the
Conservatives would be the best option for bigger businesses.
Labour offers the most support for SMEs, with tax relief available to support
those that offer a minimum wage and wealthy pensioners.
The Lib Dems have announced an 8% rise in corporation tax in order to
fund an increase in the personal allowance – keeping the workers at the
forefront of their policies.
