A packed audience enjoyed one of the first speeches by the new Shadow Chief Secretary to the Treasury, Seema Malhotra, at a CIOT/Institute of Fiscal Studies fringe event at the Labour Conference, in Brighton, on the topic ‘Is the tax system fair?’
Once again the Chartered Institute of Taxation (CIOT) and the Institute for Fiscal Studies (IFS) are jointly organising debates during this year’s party conference season, this time on the question: ‘Is the tax system fair?’
The CIOT was delighted to host a roundtable discussion recently on tax simplification at the request of the newly re-elected chair of the Treasury Committee, Andrew Tyrie MP. The event was hosted by the CIOT’s president, Chris Jones, and attended by around 30 leading tax professionals from business and academia.
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.