Our approach to the economy revolves around restoring incentives for workers by cutting taxes and ending the current ‘open door’ arrangement for European labour that has driven down wages in recent years.
By the end of the next parliament, UKIP will:
• Raise the personal allowance to at least £13,000 so people can earn enough money to cover their basic living costs before the state starts to take income tax out of their pay packets. This will take those on minimum wage out of tax altogether
• Abolish inheritance tax. Assets bought out of taxed income should not be taxed again when their owners die. We will strike out the hated ‘death tax.’ It hits the middle classes hardest, those who have worked to provide for their dependents, because the wealthiest almost always manage to avoid paying it
• Raise the threshold for paying 40 per cent income tax to £55,000 and introduce a new intermediate tax rate of 30 per cent on incomes ranging between £43,500 and £55,000. A tax originally designed for high earners should not be levied on middleincome earners such as school teachers and senior nurses
• Increase the transferable tax allowance for married couples and civil partners to £1,500.
The longer term aspiration of a UKIP government will be to create an income tax structure of a basic rate of 20 per cent, an intermediate rate of 30 per cent, and a top rate of 40 per cent, meaning income taxes will be flatter and lower. Bringing down taxes on working people at the bottom and in the middle ranges of the income scale is our priority. In the longer term, we will aim to restore the personal allowance to those earning over £100,000 and make 40 per cent the top rate of tax for all, as it used to be
To read the full manifesto click here