Fairer Taxes

Liberal Democrats today passed the policy Fairer Taxes a policy which seeks to continue what we have already delivered on in government to ensure a fairer society for all.

Under Nick Clegg’s leadership the party have focussed on the old liberal principle of favouring taxation on unearned wealth over hard work.
The motion explores ways in which we ensure those with the broadest shoulders carry the largest burden.
Key proposals include: 
  • Raising the income tax threshold further to a level equivalent to a full time job on the National Minimum Wage (approximately £12,300 at current rates). 
  • Making personal tax returns simpler by HMRC pre-populating them based on information they hold and make contacting HMRC more straightforward.
  • Tightening corporate tax rules to prevent large companies reducing their tax bills by paying excessive interest to related parties overseas.
Bristol West MP and Liberal Democrat Treasury Spokesperson, Stephen Williams MP, said:
 
“I am delighted that the Fairer Tax policy motion has passed, illustrating that Lib Dems believe Government should tax wealth rather than hard work. A Mansion Tax on properties worth over £2 million and personal tax allowance set at the National Minimum Wage will be fairer than raising the top rate of income tax to 50%. I am proud of our strong record of delivering fair taxes in Coalition. We will have already delivered a £700 annual tax cut to 24.5 million people and taken 2.7 million lowest earners out of paying tax altogether by 2014.”

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