As the election approaches, it’s important to understand the key tax policies proposed by the major political parties.
To help you stay informed, we’ve summarised the key tax plans from the Conservatives, Green Party, Reform UK, Labour, and Liberal Democrats. This table provides a concise comparison of their positions on key tax areas including Income Tax, National Insurance, VAT, Stamp Duty, and Corporation Tax.
The information is sourced directly from each party’s manifesto and presented neutrally, without commenting on the likelihood of these plans being fulfilled or on their merit.
If you have any questions, please do not hesitate to get in touch with our team.
| Party | Income Tax | National Insurance | VAT | Stamp Duty | Corporation Tax |
|---|---|---|---|---|---|
| Conservatives | No changes | Cut employee NI by 2p | No changes | Maintain £425,000 threshold | Maintain at 25% |
| Labour | No changes | No changes | Tax private school fees | 3% surcharge for non-UK buyers | Cap at 25% |
| Liberal Democrats | Raise tax-free personal allowance | No changes | No changes | No changes | Digital Services Tax to 6%, bank surcharge to 2016 levels, 4% on FTSE-100 share buybacks |
| Green Party | Align with Capital Gains Tax | 8% on wages over £50,000 | No changes | Not mentioned | Windfall taxes on energy and banks |
| Reform UK | Raise threshold to £20,000 | 20% for employers hiring foreign workers | Raise threshold to £120,000 | 0% below £750,000 | Reduce to 20%, then to £15% from year 5 |