The Green party have said that a reform of capital gains tax would bring it in line with income tax bands in their manifesto launch.
For higher earners, capital gains tax is currently 28% on gains from residential property or 20% on gains from other assets – while income between £50,271 and £150,000 is taxed at 40%, with the top rate of tax for the highest earners is 45%.
The Greens would also raise the National Insurance rate to 8% on annual wages above £50,270, as stated in their manifesto. A new wealth tax would see a 1% charge on all assets worth more than £10 million declared in a self-assessment tax return, increasing to 2% on assets above £1 billion, The BBC reported.
This comes as the UK Reform Party recently promised to abolish grief and inheritance tax (IHT) for estates under £2M in their contract. The working draft manifesto, which was released on Monday, is being called a ‘contract’ to the British public and the party’s leader Richard Trice has said:
“Our country is worse off, both financially and culturally. The economy isn’t growing. It is being wrecked by record taxes, wasteful government spending and nanny state regulations.”
Also, Conservative Party manifesto has promised to tax cuts and pay workers fairly were among some of the promises made by the Prime Minister. This included cutting tax for pensioners.
The promise of tax cuts for those on a pension comes after a poll revealed that a significant number of over 55s admit they are ‘seeking mental health help’ as mortgage rates rise and the ongoing cost of living crisis cuts into their retirement pot.
