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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.