With general election less than a week, we bring you a short summary of each political plans post elections related to changes in taxes systems. Labour plan to go for referendum again for Brexit which is obviously the important point for many voters. You may compare the below summary and decide which party is suitable for your vote.

Labour’s plan

• Increase to 45% tax rate for income above £80,000
• Increase to 50% tax rate for income above £123,000
• No increase in national insurance contribution (NIC) or VAT threshold
• Corporation tax to rise to 26% with marginal small company relief
• Making Tax Digital not to be extended to small businesses
• Fundamental reform of Corporate governance including 10% of shares to be held for benefit of
• employees (and State)
• Employees entitled to a dividend of up to £500
• Any excess would belong to the State

Conservatives’s plan

• Higher rate threshold to increase to £80,000
• Increase in NIC threshold to amount of personal allowance
• Possible abolition of Inheritance tax (IHT)

Liberal Democrats plan

• 1p extra on Income Tax to fund NHS
• Free childcare from 9 months onwards
• Every adult to receive £10,000 for education and training
• Increase in NIC threshold to amount of personal Allowance
• Increase Corporation Tax back to 20%
• Possible reform to tax turnover not profit or as well as profit
• Increase Capital Gains Tax (CGT) from 20% back to 28%
• Abolish transferable personal allowance
• Abolish IHT main residence nil rate band
• Introduce General Anti-Avoidance Rule