A corporation tax rate of 26 per cent (21 per cent for small profits) and higher rates of income tax for those earning more than £80,000 a year are the most eye-catching tax proposals in Labour’s election manifesto, published on Tuesday. High earners will also be targeted with an extra levy on ‘excessive pay’ and a proposal to publish the returns of those earning more than £1 million a year. Businesses below the VAT threshold would be given a permanent exemption from quarterly reporting. Overall, Labour estimate their proposals would increase the tax take by just under £49 billion a year by 2021.