The Economy (Personal)
Our Economy Needs Reform
Reform UK will make work pay and help the unemployed to escape the benefits trap.
CRITICAL REFORMS NEEDED IN THE FIRST 100 DAYS:
Make Work Pay. Lift the Income Tax Start
Point to £20,000 Per Year
This frees up to 7 million people from paying
Income Tax and saves every worker almost £1,500
per year. Basic Tax rate stays at 20%. The higher
rate should begin at £70,000.
Cut Energy Taxes, Beat the Cost-of-Living
Crisis
Save households over £500 per year. Lower fuel
duty by 20p per litre for both residential and
business users. Scrap VAT on energy bills. Scrap
environmental levies.
Cut Residential Stamp Duty
Substantially boost economic activity and
housebuilding by cutting Stamp Duty to 0% below
£750k. Cut it to 2% from £750k – £1.5m and cut it to 4% over £1.5m.
Abolish the VAT Tourist Tax
The government has cost our economy over £10
billion when they stopped the VAT refund scheme
for tourist shopping. This also deterred up to 2
million tourists.
Abolish Inheritance Tax (IHT) for all Estates
Under £2m
That means some 98% of all estates. The rate above £2m will be 20% tax, with the option to donate to charity instead.