Ahead of the upcoming general election this week, here is a roundup of the key taxation pledges from the three main political parties manifesto’s. This list is not limited to the below, please see the full manifesto’s by clicking on the name of the party below.

Conservative/ DUP

• Freeze previously scheduled corporation
  tax cuts, keeping 19% rate in place
• No increases to income tax, VAT or NICs
  with NICs threshold raised to £9,500 next
  year from current threshold of £8,632
• Increase SDLT rate by 3% for overseas
  buyers
• Reform the UK’s corporate governance
  regime, including insolvency rules and
  audit regime
• Strengthen powers of Small Business
  Commissioner to tackle late payment
• Increase R&D tax credit rate to 13%
• Implement the proposed digital services
  tax, placing a 2% tax on revenues
  generated by digital services
• Increase the employment allowance for
  small firms – a discount on national
  insurance payments
• Review and reform Entrepreneurs Relief
• Invest in a singular, ‘beefed-up’ Anti-Tax
  Evasion Unit within HMRC

Labour

• Reverse recent corporation tax cuts – with
  return to 26% headline rate by 2022 with
  a small profits rate for those with turnover
  under £300,000 p/a
• Introduce additional income tax rate of
  45% from £80,000
• Raise property taxes for overseas buyers
• Corporate groups under common
  ownership with offshore entities to
  become ‘unitary enterprises’ which
  require profits to be reported in the
  jurisdiction where economic activity
  occurs
• Bring Capital Gains and dividend taxes into
  line with income tax rates with de-minimis
  exemption thresholds of £1000
• Abolish the lower income tax rate for
  dividend income
• Freeze VAT rates
• Scrap Entrepreneurs Relief and consult
  on better forms of support
• Full review of effectiveness of corporate
  tax reliefs

Liberal Democrats

• Restore Corporation Tax to 20%
• Capital Gains Tax to be brought into line with Income Tax by abolishing the separate Capital
  gains tax-free allowance and creating a single
  allowance
• Allow companies to claim R&D tax credits against cost of
  purchasing datasets and cloud computing
• Scrap Marriage Allowance
• Increase Digital Services Tax rate from 2% to 6%
• Levy on tobacco companies to fund health care
• Provide tax support to promote creative industries.
• Introduce ‘compulsory levy’ on gambling firms
• Enable local authorities to bring in tourist levies
• Support/build on OECD proposals to require multinationals to
  pay tax more closely related to sales in every country they
  operate
• End Loan Charge Scheme and review IR35
  rules