01-22-2024, 08:05 PM
The Liberal Party notes Chancellor Jeremy Hunts hints at tax cuts in the spring budget as a spur to greater economic growth.
We believe that the chancellor’s priority should be to lift the income tax threshold to £20k (phased in 15K, 17.5K, 20K) taking at least five million out of the tax benefits trap, reduce benefits proportionally thus reducing the administrative burden of both tax and benefits.
We also believe there needs to be reform to reduce not just the tax burden on people and businesses but also the administration burden of the overly complex tax benefits system.
We also propose raising the VAT thresholds to help the self-employed and small businesses.
We believe that the chancellor’s priority should be to lift the income tax threshold to £20k (phased in 15K, 17.5K, 20K) taking at least five million out of the tax benefits trap, reduce benefits proportionally thus reducing the administrative burden of both tax and benefits.
We also believe there needs to be reform to reduce not just the tax burden on people and businesses but also the administration burden of the overly complex tax benefits system.
We also propose raising the VAT thresholds to help the self-employed and small businesses.