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Liberal Party NEC Statement - Tax Changes and the Autumn Statement
#1
The Liberal Party notes media reports that the Chancellor intends to offset the cost of the Covid-19 pandemic with reform of corporation and capital gains tax and the pensions triple lock in his autumn statement.
 
The party full acknowledges the 190-billion-pound cost to the country of economic intervention and the rise in the national debt to over 2 trillion pounds but believes that a premature increase in taxation will inhibit the slow economic recovery.
 
The Liberal Party believes there are fairer ways of increasing public revenue. These include Land Value Taxation (LVT) (to partially replace income tax), progressive Inheritance Tax (to also fund Universal Inheritance endowments) and motorway tolls.
 
We also believe that serious efforts should be made to address the estimated 35 billion pounds of tax revenue lost annually through a combination of tax avoidance, evasion, omission, and error.
 
This a tax gap has passed largely without comment and has deprives the exchequer of vital income and local public services of vital funding further intensifying austerity.
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