Search

Income tax, pay and pensions: Where the parties stand

PUBLISHED: 12:04 01 April 2010 | UPDATED: 17:45 25 August 2010

Chancellor Alistair Darling s budget: l Winter fuel allowance rates extended for further year. l £4 rise in child tax credit for parents with young children from 2012. l Inheritance tax threshold frozen for four years. l Stamp duty scrapped for homes s

Chancellor Alistair Darling's budget:

l Winter fuel allowance rates extended for further year.

l £4 rise in child tax credit for parents with young children from 2012.

l Inheritance tax threshold frozen for four years.

l Stamp duty scrapped for homes selling for up to £250,000 for first-time buyers, for two years.

l Stamp duty on residential property sales over £1million to increase to five per cent from April 2011.

l Tax allowances for those on over £100,000 gradually removed.

l £2.5 billion package for small businesses, to boost skills and innovation.

l One-year business rate cut from October to help 500,000 companies.

l Investment allowance for small firms doubled to £100,000.

l Doubling relief on capital gains tax for entrepreneurs but no change to capital gains tax rates.

l Amount of time over-65s must work to receive work credits reduced.

l £385 million to maintain road network.

l Royal Bank of Scotland and Lloyds Bank Group to provide £94 billion in small business loans.

l Six-month work or training guarantee for under-24s extended to 2012.

l Annual limits on Individual Savings Accounts (ISAs) will rise from £7,200 to £10,200 next month.

l Funding for 20,000 new university places in science and maths but institutions must make savings elsewhere.

l £35 million enterprise fund to help university-launched businesses.

Lib Dems

Liberal Democrat economic pledges:

l Raise the income tax threshold to £10,000.

l Restore the link between earnings and annual increases in state pensions.

l Close tax loopholes and cut reliefs that benefit the wealthiest.

l Restrict tax relief on pension contributions to the basic rate.

l Align capital gains tax to income tax rates.

l Reduce annual exemption of capital gains tax from £10,100 to £2,000 to stop the allowance from being used for tax planning.

l Introduce a small levy on the value of properties over a threshold of £2 million.

l Replace air passenger duty with a per-plane tax, providing an incentive for airlines to fill seats and discourage them from running empty flights.

l Introduce a levy on domestic flights to discourage travellers from choosing air travel.

Tories

Conservative economic pledges:

l One-year public sector pay freeze in 2011, but not affecting the million lowest-paid workers.

l Bringing forward the date at which the state pension age starts to rise to 66, to no earlier than 2016 for men and 2020 for women.

l Stop tax credits to families with incomes over £50,000.

l Cutting spending on child trust funds for all but the poorest third of families and families with disabled children.

l Capping the biggest public sector pensions above £50,000.

l A five per cent pay cut for ministers followed by a five-year freeze, and a ten per cent reduction in the number of MPs.

l Raising the inheritance tax threshold to £1million.

l Taking nine out of ten first-time buyers out of stamp duty by raising their threshold to £250,000.

l End restrictions on people starting a business in social housing, to enable social tenants to become entrepreneurs.

l Cut the headline rate of corporation tax to 25 pence or lower and the small companies' rate to 20 pence.

Most Read

Most Read

Latest from the Bexley Times

Hot Jobs

Show Job Lists