UK: Rishi Sunak´s led UK Conservative Party´s 2024 Manifesto is All About Reducing Taxes

Tories Manifesto commits to:

• Cutting taxes to give working people financial security
• Tax cuts for 29 million working people
• Rewarding hard work and doing the right thing, not punishing with higher taxes and hidden green levies
• Alternative under Labour is claimed to be Higher taxes on working families
• CIT, VAT, Capital gains tax will not rise

Some of the main points in the Manifesto on taxes:

• Cut tax for workers by taking another 2p off employee National Insurance so that we will have halved it from 12% at the beginning of this year to 6% by April 2027, a total tax cut of £1,350 for the average worker on £35,000 – and the next step in our long term ambition to end the double tax on work when financial conditions allow.
• Cut taxes to support the self-employed by abolishing the main rate of self-employed National Insurance entirely by the end of the Parliament.
• Cut tax for pensioners with the new Triple Lock Plus, guaranteeing that both the State Pension and the tax-free allowance for pensioners always rise with the highest of inflation, earnings or 2.5% – so the new State Pension doesn’t get dragged into income tax.
• Corporation tax will not rise.
• Achievements mentioned: Tories have taken 28,000 small businesses out of paying VAT altogether by raising the VAT registration threshold to £90,000.  In plans: keep the VAT threshold under review and explore options to smooth the cliff edge at £90,000.  
• Take more companies out of the scope of burdensome reporting requirements.
• Retain key tax incentives that encourage small businesses to grow, including the Enterprise Investment Scheme, Seed Enterprise Investment Scheme, Venture Capital Trusts, Business Asset Disposal Relief, Agricultural Property Relief and Business Relief.
• Tories will not increase Capital Gains Tax.
• Maintain R&D tax reliefs.
• Achievements mentioned: Tories have used post-Brexit tax freedoms, including introducing VAT-free installations of energy-efficient materials and replacing complex EU alcohol duty rates. And to protect our pubs we will maintain our Brexit Pubs Guarantee that means the duty on drinks on draught, such as beer and cider, will be less than in supermarkets.
• Promise to cut employee National Insurance to 6% by April 2027 – meaning that we will have halved it from 12% at the beginning of this year, a total tax cut of £1,350 for the average worker on £35,000.
• This means the tax burden on workers is falling, with the average earner paying the lowest effective personal tax rate since 1975 – lower than in the US, France, Germany or any G7 country. 
• Tories claim they we will raise at least a further £6 billion a year from tackling tax avoidance and evasion by the end of the Parliament.
• Tories will set the combined household income at which a family will start losing Child Benefit at £120,000 and gradually remove it until household income reaches £160,000, above which families will no longer receive Child Benefit. This will benefit over 700,000 households, each gaining an average of £1,480 a year.

Source/recommended read: Conservative-Manifesto-GE2024.pdf (conservatives.com)