Ukip wants personal allowance hike and cuts to corporation tax
Ukip wants to raise the personal income tax allowance to above the minimum wage and slash corporation tax to 10 per cent as the party begins to set out its economic plans ahead of the 2015 general election.
Speaking at a fringe event on tax at the party’s annual conference in London last week, Ukip head of policy Tim Aker said the party will target tax simplification and set out more detailed plans closer to the next election.
Last week, the Liberal Democrats voted to raise the personal allowance to £12,300. The current personal allowance is £9,440 and will rise to £10,000 next April. The main rate of corporation tax is currently 23 per cent, falling to 21 per cent next year.
Aker said: “Taking the lowest paid out of tax will not force employers to pay more but ease the tax burden on the lowest paid so they have a living wage. It is going about it differently than the established view that the old, centrist parties go about it.”
He said Ukip still hopes to push for the introduction of a flat rate of income tax at some stage.