TAXATION

The secular growth in government debt as a percentage of GDP will be reversed via a combination of adequate taxes raised and general prudence in state expenditure.

Policy Pledges

• The new OECD regime ensuring minimum rates of taxation on large global enterprises, coming into effect in January 2024, will be implemented as a priority.
• Until the above OECD global accord comes into full effect, companies with a global turnover of greater than £10m and operating in the UK will pay a Turnover Tax proportionate to UK sales (calculated as 20% of the company’s declared global EBIT profit).
• The annual allowance will be restoredat all income levels, the non-domicile rule will be abolished and the corporate tax rate for SMEs will be cut to 15%. Stamp duty will be abolished on all residential land transfers below £500k, but applied at 10% on any portion above that level.
• Any residential property unoccupied for more than 183 days per annum will be subject to a vacant residential property tax levied at 1% of the property’s capital value, with all revenues from this levy flowing to the local council.
• Where a bequest is left to a direct family member, inheritance tax thresholds will be applied to each beneficiary of the estate, not the estate overall.  Each child may therefore inherit £325,000 tax free.   Spousal legacies will continue to be free of inheritance tax.
• A tax of 2% will be levied on all online purchases and the proceeds used to fund civic improvement in town centres across the UK. 
• Pension contributions will be deductible at the basic rate of tax, not higher rates of tax as at present.