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THE CHARTERED INSTITUTE OF TAXATION AND INSTITUTE OF FISCAL STUDIES TAX DEBATE

“FIVE YEARS TO CHANGE TAX FOR THE BETTER: WHAT SHOULD THE NEW GOVERNMENT’S PRIORITIES BE?”

Today’s Queen’s Speech outlined the legislation that the newly-elected Conservative government intends to enact over the coming year. 

The United Kingdom Independence Party (UKIP) launched their manifesto on Wednesday April 15th. Key tax proposals include an increase in the personal allowance to £13,500; to scrap inheritance tax; to introduce a new 30p tax band for those earning between £45,300 and £55,000 and a 40% rate thereafter and a cut in business rates for small businesses.

The Scottish National Party (SNP) launched their election manifesto on Monday April 20th. Key proposals include the reintroduction of the 50p top rate of tax; a tax on bankers' bonuses; a bank levy; a mansion tax; a crackdown on tax avoidance and the abolition of non-dom status.

The Liberal Democrats launched their election manifesto on Wednesday April 15th. Key tax proposals include a commitment to raise the personal allowance to £12,500; a High Value Property Levy on homes worth over £2million and a new corporation tax on the banking sector which aims to raise £1 billion per year.

The first Lord Mayor’s Tax Forum took place on Wednesday 30th April 2014, and brought together more than 250 policy-makers, business leaders, economists and diplomats to discuss the future of corporate taxation in the 21st century. The event was hosted by Fiona Woolf, Lord Mayor of the City of London, at the Mansion House, and sponsored by the CIOT, the Law Society of England and Wales, the City of London Corporation, and the Worshipful Company of Tax Advisers. There were two panel discussions, featuring speakers from business, politics, academia and the tax profession.