Since the last election, millions of working people have seen their taxes go up, while millionaires have been given a tax cut. Labour will take a fairer approach to taxation.
Since the 2010 general election, the Tories have raised taxes 24 times – including hiking up VAT.
It’s the same old Tory con – giving with one hand but taking away much more with the other. The VAT rise alone has cost Stockton families with children an average of £1,350 over the last three years.
Labour will create a fairer tax system
- We will reverse the Government's top-rate tax cut, so that those with incomes over £150,000 contribute a little more to help get the deficit down.
- We will abolish the non-dom rules so that those who live permanently in the UK pay tax in the same way as the rest of us.
- We will close tax loopholes that cost the public billions of pounds a year, and we will bring in tough penalties for those who abuse the tax system. This will include ending unfair tax breaks used by hedge funds, and cracking down on disguised employment. We will make it harder for tax dodgers to hide their identities by making country-by-country reporting information publicly available.
- We will introduce a lower 10p starting tax rate to help those on middle and lower incomes, which will be funded by ending the Conservatives’ Marriage Tax Allowance. We will not increase the basic or higher rates of income tax or national insurance.
- We will not raise VAT, nor extend it to food, children’s clothes, books, newspapers or public transport fares. This is the tax that hits pensioners and the poorest hardest.
- We will end unfair tax breaks used by hedge funds and others, and we will crack down on disguised employment.
- We will make it harder for tax dodgers to hide their identities by making country-by-country reporting information publicly available and requiring the UK’s Overseas Territories and Crown Dependencies to produce publicly available registries of the real owners of companies based in them.
- We will carry out an immediate review into the culture and practices of HMRC so that everyone follows the same rules, and we will increase the rigour of the tax system.