Election 2010: LexisNexis Tax Journal's review of the main political parties' tax proposals
Tax policy visualisation
London, 4th May 2010 - LexisNexis Tax Journal has developed an insightful analysis of the tax plans of each of the major parties, clearly highlighting common ground and differences.
Commenting on the research, Paul Stainforth, Editor of LexisNexis' Tax Journal, said:
"There are two issues concerning tax on which all of the three main political parties agree. Firstly, they all agree that there should be some form of a new levy on banks. Second, all parties have been careful not to rule out a rise in the rate of VAT. A rise in the standard rate from 17.5% to 20% seems likely given the current state of the public finances - and this would align the UK's rate with the EU average. Both the Conservatives and the Liberal Democrats have said they would hold a Budget following the Election. One could easily see how a rise could be announced then, but with its implementation deferred until 2011 to avoid damaging the recovery."
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