Q&A: Election policy update

With the upcoming general election looming near we consider the effect of the tax proposals put forward by the different political parties.

How has tax featured in the campaign so far?

Tax has been a central theme of the general election campaign with Labour and the Conservatives clashing over the credibility of their fiscal plans. With the tax burden at historically high levels both major parties have been at pains to play down the likelihood of tax rises in the future. The most significant tax commitments in their platforms are therefore things they have ruled out with both parties promising not to increase income tax National Insurance contributions (NICs) corporation tax or VAT.

What have the parties proposed in their manifestos?

Despite the prominence of tax in the campaign neither of the main parties has announced major new tax policies.

Labour: The Labour...