The Liberal Democrat's autumn conference in Glasgow came to a close today. It was rounded off by current Deputy PM and party leader Nick Clegg's keynote speech.
As part of the Liberal Democrat's re-election pledge, Clegg promised to directly affect 30 million people working in the UK with a broad tax cut.
Specific details on what is planned are thin, but from the speech the key points are:
- Increase tax free personal allowance for all to £11,000 for the 2016/2017 tax year.
- Raise the level at which National Insurance Contributions kick in to match income tax thresholds - but this will be spread out and not immediate.
The cuts would be funded by increasing the tax burden of higher earners and wealthy corporations. Moves to raise the upper tier of capital gains tax from it's current 28% would be implemented.
In addition, clampdowns on tax avoidance by corporations would fund the gap created by the possible £500 saving provided to individual taxpayers.