As the election approaches, it’s important to understand the key tax policies proposed by the major political parties.

To help you stay informed, we’ve summarised the key tax plans from the Conservatives, Green Party, Reform UK, Labour, and Liberal Democrats. This table provides a concise comparison of their positions on key tax areas including Income Tax, National Insurance, VAT, Stamp Duty, and Corporation Tax.

The information is sourced directly from each party’s manifesto and presented neutrally, without commenting on the likelihood of these plans being fulfilled or on their merit.

If you have any questions, please do not hesitate to get in touch with our team.

PartyIncome TaxNational InsuranceVATStamp DutyCorporation Tax
ConservativesNo changesCut employee NI by 2pNo changesMaintain £425,000 thresholdMaintain at 25%
Labour No changesNo changesTax private school fees3% surcharge for non-UK buyersCap at 25%
Liberal DemocratsRaise tax-free personal allowance No changesNo changesNo changesDigital Services Tax to 6%, bank surcharge to 2016 levels, 4% on FTSE-100 share buybacks
Green PartyAlign with Capital Gains Tax8% on wages over £50,000No changesNot mentioned Windfall taxes on energy and banks
Reform UKRaise threshold to £20,00020% for employers hiring foreign workersRaise threshold to £120,0000% below £750,000Reduce to 20%, then to £15% from year 5