Election 2015: Lib Dem, UKIP and SNP manifesto pledges on finance
Political parties have been outlining what they will do if they win power in May's General Election.
The Conservatives, Labour, The Liberal Democrats, UKIP and the SNP have announced their manifestos and the documents contained a number of policies relating to tax, finance, Financial Planning and the financial services industry.
Read the manifesto pledges from the Conservatives and Labour under related articles at the bottom. Here are the key points from the The Liberal Democrats, UKIP and the SNP.
The Liberal Democrats
In summary, the Lib Dems have pledged to:
• protect the 'Triple Lock' of uprating the state pension - by whichever is the higher of wages, prices or 2.5%.
• Help Tomorrow's pensioners with new, simple, single tier pension, which will value those who have spent years caring for children as much as those who have been employed.
• clamp down on unfair charges on pensions.
• Completing radical pension reforms and write the triple lock into law so that pensioners.
• raise the personal allowance to at least £12,500, cutting taxes for those on low and middle incomes by around a further £400
• clamp down on tax avoidance
• use taxes on the wealthiest, on banks and big business and on polluters, to limit the impact of deficit reduction on public services.
• Bring in taxes such as a Mansion Tax on residential properties worth over £2 million.
• No increase in the headline rates of Income Tax, National Insurance
• No increase in VAT
• No increase in Corporation Tax.
• cut £50bn less than the Tories and borrow £70bn less than Labour
• finish the job of simplifying benefits system and making work pay.
• improve wages and employment rights, including extending parental leave with an extra "use it or lose it" month for new fathers.
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UK Independence Party
In summary, UKIP has pledged to:
• Introduce a flexible state pension window so you can still take a slightly lower state pension at age 65 even as the state pension age increases
• Double the budget for free pensions advice to help pensioners make sound financial decisions
• Make it a criminal offence to cold call someone in respect of pension arrangements
• Support a lower cap on benefits
• Crack down on benefit fraud
• Stop child benefit being paid to children who don't live here permanently and limit child benefit to two children for new claimants
• Scrap the so called 'bedroom tax'
• UKIP is a party that believes in low taxation, enterprise and fairness.
• Raise the personal tax allowance to at least £13,000, taking those on minimum wage out of tax altogether
• Raise the threshold for paying 40% tax to £55,000 and introduce a new 30% intermediate rate on earnings between £45,300 and £55,000
• Abolish inheritance tax
• Increase the transferable tax allowance for married couples to £1,500
• Ensure big corporations pay their fair share of tax
• Remove VAT from listed building repairs and sanitary products.
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Scottish National Party
In summary, the SNP has pledged to:
• Seek a review of the planned increase in the retirement age from 66 to 67
• support increases in the personal tax allowance
• back an increase in the Work Allowance – the amount people are allowed to earn before their benefit is cut – of 20 per cent to encourage people back into work by reducing the amount the state claws back – making work pay more.
• support a single-tier pension of £160 per week and vote to continue the triple lock, guaranteeing that pensions will always rise by inflation, earnings or 2.5 per cent - whichever is the highest.
• protect the Winter Fuel Allowance.
• oppose the abolition of Savings Credit – introduced to reward people for saving for their pension - and we will seek a review of plans to increase the state pension age beyond 66.
• vote for reintroduction of 50 pence top tax rate
• vote for a tax on bankers' bonuses, a bank levy
• vote for a mansion tax
• crackdown on tax avoidance
• abolish 'non-dom' status
• reversal of the married couple's tax allowance.
• oppose plans for further cuts in Child Benefit and Tax Credits