TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

At a Glance: UK Party Manifestos Compared

With the UK general election set to take place on 12 December 2019, here is a summary of the key pledges made by the top two contenders – the Conservative party and the Labour party.

(Last updated: 29 November 2019)

CONSERVATIVE MANIFESTO

LABOUR MANIFESTO








BREXIT AND THE EU

  • Core mantra of “Get Brexit done” runs through the manifesto
  • Boris Johnson’s Brexit deal to be put to the UK parliament before Christmas, ratified by January 31
  • Transition period to end in December 2020
  • Tailor-made trade deals for the UK
  • 80% of UK trade to be covered by free-trade agreements within the next three years starting with USA, Australia, New Zealand and Japan
  • Aim to strengthen Commonwealth ties and retake seat at WTO

  • Main slogan of “It’s time for a real change”
  • Within three months of coming to power, will secure a “sensible” deal
  • Within six months, have a second referendum offering the choice of remaining in the EU or leaving with a sensible deal
  • A more comprehensive UK customs union; closer alignment with EU single market and EU agencies; prioritise worker, consumer and environmental rights, clarity on security commitments; access to EU databases










BUSINESS AND THE ECONOMY

  • No increases in income tax, national insurance or VAT over the next five years
  • Raise the National Insurance threshold to £9,500 next year – representing a tax cut for 31 million workers
  • To keep costs down for small businesses – rather than hiking their taxes
  • Public sector net investment to not average more than 3% of GDP. If debt interest reaches 6% of revenue, will reassess plans to keep debt under control.
  • Increase in the National Living Wage to two thirds of average earnings, currently forecast at £10.50 an hour
  • Continue roll out of Universal Credit

  • Nationalise railway system, water, mail, broadband internet and part of the energy system
  • Increase the main rate of corporation tax from 19% to 26%, and the small profits rate to 21%
  • Increase income tax for anyone earning over £80,000 per annum
  • Freeze income tax, National Insurance and VAT for anyone earning under that amount
  • Force big multinationals such as Google and Amazon to declare their profits in the country where their economic activity occurs
  • Launch a £400 billion National Transformation Fund and a Local Transformation Fund in each English region to support infrastructure projects
  • Free full-fibre broadband by 2030
















CLIMATE

  • Prioritise environment in the next Budget
  • Target to reach Net Zero greenhouse gas emissions by 2050
  • A new £500 million Blue Planet Fund to help protect our oceans from plastic pollution, warming sea temperatures and overfishing
  • Will work with the market to deliver two million new high-quality jobs in clean growth
  • Invest £800 million to build the first fully deployed carbon capture storage cluster by the mid-2020s
  • Invest £500 million to help energy-intensive industries move to low-carbon techniques
  • Introduce a new levy on proportion of recyclable plastics in packaging
  • Support clean transport to ensure clean air, as well as setting strict new laws on air quality – will phase out the sale of new conventional petrol and diesel cars
  • Will keep our existing energy cap and introduce new measures to lower bills

  • Kick-start a Green Industrial Revolution to boost job creation
  • Create a Sustainable Investment Board
  • Deliver the “substantial majority” of the emissions cuts needed to tackle climate change by 2030
  • Introduce a Climate and Environment Emergency Bill setting out in law new targets for decarbonisation as well as environment and habitat restoration
  • Set up Green Transformation Fund – budget of £250 billion for 10 years dedicated to expanding renewable and low-carbon activities
  • Loans to help people buy electric cars
  • Create one million “green” jobs
  • Permanent ban on fracking
  • Windfall tax on oil companies
  • Invest in a new plastics remanufacturing industry















HEALTH

  • Confirmed £34 billion per year in additional funding for the NHS
  • Propose fully funded long-term NHS plan
  • Introduction of special “NHS visa” to train more NHS professionals
  • Have begun work on building 40 new hospitals across the country
  • Investing in hospital upgrades and new machines to boost early cancer diagnosis across 78 hospital trusts
  • 50,000 more nurses, 6,000 more doctors, 6,000 more primary care professionals
  • Additional funding to deliver 50 million extra GP appointments per year
  • Clamp down on health tourism – new immigrants to contribute to NHS funding before using services
  • “The services the NHS provides will not be on the table” when the government negotiates trade deals

  • End NHS privatisation
  • Increase spending on health by 4.3% a year on average
  • Additional £1.6 billion for mental health services
  • Enable 27 million more doctors’ appointments per year
  • Free annual dental check ups
  • Abolish prescription charges in England
  • Make the NHS a net-zero-carbon service by improving heating and insulation and increasing reliance on renewable energy and electric vehicles
  • Plant an NHS forest of one million trees
  • Introduce model of joined up care between health services and community care
  • Extend paid maternity leave to 12 months








DEFENSE

  • Will continue to exceed the NATO target of spending 2% of GDP on defence and increase the budget by at least 0.5% above inflation every year
  • Invest in training and equipment for Armed Forces and intelligence agencies
  • Will maintain Trident nuclear deterrent programme
  • Invest more in cybersecurity and set up the UK’s first Space Command
  • Will support defence industry by investing in global programmes

  • Meet the NATO target of spending at least 2% of GDP on defence
  • Increase funding for UN peacekeeping operations to £100 million
  • Create a Climate Change Sustainability Committee to examine how to make defence more environmentally sustainable
  • Renew the Trident nuclear weapons program







IMMIGRATION

  • Australian style points-based system
  • “Fewer lower-skilled migrants” and reduced immigration
  • EU nationals living in the UK before Brexit – rights guaranteed
  • Asylum to refugees fleeing persecution
  • EU nationals after Brexit and non-EU nationals – treated equally when it comes to visas and non-contributory benefits. Will only be able to access unemployment, housing, and child benefit after five years, same as non-EEA migrants at the moment

  • EU citizen rights to be maintained, irrespective of Brexit outcome
  • Grant all EU nationals in the UK the automatic right to continue living and working in the country
  • Extend family reunion rights to non-EU citizens
  • Close two major immigration removal centres
  • Replace the UK government’s EU Settlement Scheme with a voluntary declaratory system







EDUCATION

  • Extra £14 billion funding for schools
  • Raise teachers’ starting salaries to £30,000
  • Government contributions into the Teachers’ Pension Scheme also up
  • £3 billion for a new National Skills Fund for businesses and workers
  • £1 billion for childcare for before and after school and during holidays

  • Schools guaranteed long-term spending
  • Guarantee free education for everyone throughout their lives
  • Abolish tuition fees
  • Expand free childcare and increased funding for schools









HOUSING

  • Build “at least” one million new homes over the next five years
  • New First Home scheme under which properties would be sold at 30% discounts to first-time buyers
  • Simplified shared ownership products
  • New stamp duty surcharge on non-UK residents buying property to help pay for schemes to tackle homelessness
  • Better Deal for Renters – abolishing ‘no fault’ evictions and only requiring one ‘lifetime’ deposit, which moves with the tenant

  • Create a new Department for Housing
  • One million social houses within a decade, reform Help to Buy
  • Introduce a levy to give local people given “first dibs” on new houses built in their area
  • Introduce a tax to punish developers for stalled housing developments
  • Claim to end rough sleeping in first five years of coming into power
  • Set up a new English Sovereign Land Trust with powers to buy land cheaply for low-cost housing in England