--- title: "General Election: What tax policies do the parties propose?" description: With an election only weeks away Scott Burkinshaw gives his thoughts on the tax proposals each main party has put out so far in the campaign. image: https://blog.shorts.uk.com/hubfs/Images/Brick%20wall%20images/Scott%20Burkinshaw.jpg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) # General Election: What tax policies do the parties propose? Scott Burkinshaw - 13 April 2015 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/Images/Brick%20wall%20images/Scott%20Burkinshaw.jpg) ###### With an election only weeks away I thought it would be worthwhile pulling together a summary of the tax proposals each main party has put out so far in the campaign.  No doubt more will be announced as we approach the big day, but these are the highlights so far at today: **Conservative** - Raise the income tax Personal Allowance from £10,600 to £12,500 - Raise the starting point for 40% higher rate tax from £42,400 to £50,000 - Reduce corporation tax for companies to below its current 20% rate - No raise in Value Added Tax - Restrict tax relief on pensions for people earning £150,000 or more per year **Labour** - Re-introduce the 50% additional rate of income tax for those earning over £150,000 - Introduce a “mansion tax” on homes worth over £2m - Re-introduce the 10% starting rate of tax - Increase corporation tax from 20% to 21%, and use the saving to: - Cut business rates for small firms - Remove the “non-domicile” status for UK resident individuals who originate from outside the UK - Restrict tax relief on pensions for people earning £150,000 or more per year **Liberal-Democrats** - Raise the income tax Personal Allowance from £10,600 to £12,500 - Introduce a “mansion tax” on homes worth over £2m - Raise £14bn in additional taxes from companies and wealthy individuals **United Kingdom Independence Party** - Raise the income tax Personal Allowance from £10,600 to £13,500 - Scrap Inheritance Tax - Introduce a new 35% rate of tax on incomes between £42,285 and £55,000 with 40% applying thereafter - Make big businesses pay their “fair share” of taxes Whilst **UKIP** is a small party and seem unlikely to gain significant numbers of MPs it could hold the balance of power after the general election so it is worthwhile considering its policies. The same applies to the **Scottish Nationalists** who are yet to propose any measures other than repatriation of powers to Scotland. However they seem to be aligning themselves closely with Labour and, as a Socialist party are likely to support most Labour tax plans.   ![author](https://blog.shorts.uk.com/hubfs/Scott%20Burkinshaw%20600x600-1.jpg) #### Scott Burkinshaw I am Head of Business Taxes at Shorts, where I lead our specialist Radius team focusing on R&D tax relief. As a Chartered Tax Adviser with over a decade of experience at national and international firms, I work with businesses and their owners to provide strategic corporate and personal tax advice. My expertise includes R&D tax relief, business disposals and acquisitions, and long-term tax planning, helping clients achieve their goals in the most efficient way. [View my articles](https://blog.shorts.uk.com/author/scott-burkinshaw) Tags: [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. 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