LIB DEM TAX POLICIES

The Liberal Democrats aim to rebalance the tax system away from taxing work and towards unearned wealth. Like the Conservatives, they  will raise the personal allowance to at least £12,500, and they also say there will be no increase in the headline rates of Income Tax, National Insurance, VAT or Corporation Tax.

The Lib Dems pledge to introduce a new Mansion Tax on residential properties worth over £2 million. They also propose reforms to Capital Gains Tax and Dividend Tax relief, refocusing Entrepreneurs’ Relief and additional taxes on the banking sector.

They will establish a review to consider the case for introducing a single rate of tax relief for pensions, which would be designed to be simpler and fairer and which would be set more generously than the current 20% tax relief.

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