Income Tax

Currently people earning up to £34,600 pay 20p Income Tax on every £ they earn. People earning more than £34,600 pay 40p on every £ they earn

	Labour	Conservatives	Liberal Democrats
Income Tax Policy	No Change	No Change	4p reduction on standard rate

Below is an overview of each parties policy.

 

Labour plan to use the proceeds of economic growth to fund Government spending and keep tax at the current levels




The Conservatives do not immediatley plan to change Labour's current policy if they form the next Government.
They do however plan to share the proceeds of growth over time to reduce Income Tax



The Lib Dems plan to cut the basic rate of income tax by 4p financed by green taxes on pollution and by
taxes on the wealthy.