No Tax on 20k Income & Low Tax High Growth Economy

PERSONAL

CRITICAL REFORMS NEEDED IN THE FIRST 100 DAYS:

Make Work Pay. Lift the Income Tax Start Point to £20,000 Per Year

This frees up to 7 million people from paying Income Tax and saves every worker almost £1,500 per year. Basic Tax rate stays at 20%. The higher rate should begin at £70,000.

Cut Energy Taxes, Beat the Cost-of-Living Crisis

Save households over £500 per year. Lower fuel duty by 20p per litre for both residential and business users. Scrap VAT on energy bills. Scrap environmental levies.

Cut Residential Stamp Duty

Substantially boost economic activity and housebuilding by cutting Stamp Duty to 0% below £750k. Cut it to 2% from £750k – £1.5m and cut it to 4% over £1.5m.

Abolish the VAT Tourist Tax

The government has cost our economy over £10 billion when they stopped the VAT refund scheme for tourist shopping. This also deterred up to 2 million tourists.

Abolish Inheritance Tax (IHT) for all Estates Under £2m

That means some 98% of all estates. The rate above £2m will be 20% tax, with the option to donate to charity instead.

BUSINESS

CRITICAL REFORMS NEEDED IN THE FIRST 100 DAYS:

Free Over 1.2 Million Small and Medium Sized Businesses from Corporation Tax

Lift the minimum profit threshold to £100k. Reduce the main Corporation Tax Rate from 25% to 20%, then to 15% from Year 3.

Abolish IR35 Rules to Support Sole Traders

Britain’s self-employed often work longer hours and take more risks. Many have no pension and receive no sick pay.

Lift the VAT Threshold to £150,000

Free up small entrepreneurs from red tape.

Thereafter:

Support Small and Medium Sized Enterprises (SMEs)

Abolish Business Rates for high street based SMEs. Offset this with Online Delivery Tax at 4% for large, multinational enterprises to create a fairer playing field for high streets. Cut entrepreneurs’ tax to 5%.

Reform the Planning System

Fast-track new housing on brownfield sites and infrastructure projects to boost businesses, especially in coastal regeneration areas, Wales, the North, and the Midlands.

Slash Red Tape to Boost Industry and Exports

Scrap thousands of laws that hold back British business and damage productivity, including employment laws. We must make it easier to hire and fire so that businesses can grow.

Reform the Tax System

Major simplification is needed. At over 21,000 pages, the UK’s tax code is a burden. Hong Kong’s tax code is under 500 pages.