Lib Dems launch manifesto with cut to income tax and CGT rise

The Liberal Democrats want to cut income tax by raising the tax-free personal allowance, according to the party's manifesto. (Source FT Adviser)

In a speech on June 10, leader Ed Davey announced the Liberal Democrats’ manifesto, stating all policies were “carefully costed.” He emphasized that health and care are central to the manifesto, highlighting the crisis in the NHS and care systems in the UK.

The 114-page manifesto prioritizes tax cuts by raising the tax-free personal allowance when public finances permit. It aims to benefit most families and exempt more low-paid workers from income tax.

The Liberal Democrats also propose changes to capital gains tax to fund investments in the NHS and social care. The manifesto promises to “fairly reform” capital gains tax to close loopholes exploited by the super wealthy.

Davey claimed that over £5 billion could be raised from capital gains tax by setting a 45% rate for gains over £100,000 and 40% for gains between £50,000 and £100,000.

The party also seeks changes to the tax on big banks and proposes a 4% tax on the share buyback schemes of FTSE 100 companies.

Regarding pensions, the manifesto calls for measures to close the gender pension gap in private pensions and ensure working-age carers can save adequately for retirement.

“We must transform our politics for good, so politicians respond to people’s dreams and desires, because that is the only way to bring the real change our country needs,” said Dave.

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