The Economy (Business)
Our Economy Needs Reform
Reform UK will back risk takers and wealth creators and make sure that Britain is open for business.
CRITICAL REFORMS NEEDED IN THE FIRST 100 DAYS:
Free Over 1.2 Million Small and Medium Sized Businesses from Corporation Tax
Lift the minimum profit threshold to £100k. Reduce
the main Corporation Tax Rate from 25% to 20%,
then to 15% from Year 3.
Abolish IR35 Rules to Support Sole Traders
Britain’s self-employed often work longer hours and take more risks. Many have no pension and receive no sick pay.
Lift the VAT Threshold to £150,000
Free up small entrepreneurs from red tape.
THEREAFTER
Support Small and Medium Sized Enterprises
(SMEs)from Corporation Tax
Abolish Business Rates for high street based SMEs. Offset this with Online Delivery Tax at 4% for large, multinational enterprises to create a fairer playing field for high streets. Cut entrepreneurs’ tax to 5%.
Reform the Planning System
Fast-track new housing on brownfield sites
and infrastructure projects to boost businesses,
especially in coastal regeneration areas, Wales, the North, and the Midlands.
Slash Red Tape to Boost Industry and Exports
Scrap thousands of laws that hold back British
business and damage productivity, including
employment laws. We must make it easier to hire
and fire so that businesses can grow.
Reform the Tax System
Major simplification is needed. At over 21,000 pages, the UK’s tax code is a burden. Hong Kong’s tax code is under 500 pages.