General Elections 2017: Theresa May rules out increasing VAT for the next 5 years, but refuses to reveal if she will raise other taxes for higher earners
Theresa May has ruled out increasing VAT for the next five years but has refused to reveal whether she will increase other taxes for higher earners.
The Conservatives consider an election agreement not to raise the total tax take, but are poised to let go of David Cameron’s commitment not to increase income tax and national insurance.
Philip Hammond was recently forced to abandon plans to increase National Insurance for the self-employed as it risked breaking the 2015 Tory election manifesto, but a rewritten tax pledge would allow such a rise.
loading...
The Prime Minister has repeatedly refused to speak about her tax plans since launching the election campaign, but on Saturday she ruled out any rise in VAT. She once again refused to give a similar pledge on income taxes, The Telegraph reports.
May pledged to target tax cuts at “working families” and may also introduce new tax breaks for those saving to cover the cost of social-care.
““We have absolutely no plans to increase the level of tax but I’m also very clear that we don’t want to make specific proposals on taxes unless I’m absolutely sure that I can deliver on those. But it would be my intention as a Conservative government and as a Conservative prime minister to reduce the taxes on working families. And if you’ve got strong and stable leadership that’s absolutely what you can do.” May said recently in a television interview.
There are speculation that capital gains tax might be levied on sales of main homes worth over £5million.
Loading...