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UKIP manifesto: Points for accountants

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20th Apr 2015
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The UK Independence Party launched its manifesto for this year's General Election during the week. 

There are a number of measures that may interest accountants, including its plans for the economy, taxation, pension and small business section. 

According to odds, UKIP are tipped to win six seats in the upcoming election, and the party itself faces a 100/1 odds of winning the most seats. There are two accountant candidates we're aware of going for seats, both ICAEW members: Ian Luder, South Basildon and East Thurrock and Barry Mahoney, South Leicestershire.

Here's an outline of the main measures UKIP are proposing should they get into power, that practitioners may find of interest: 

Economy and tax 

  • Personal tax allowance will be raised to £13,000
  • Threshold for paying 40% tax will be raised to £55,000, and a new 30% intermediate rate on earnings between £45,300 and £55,000 will be introduced 
  • Abolish inheritance tax
  • Increase the transferable tax allowance for married couples to £1,500
  • Ensure big corporations pay their fair share of tax
  • End access to benefits and free NHS treatment for new immigrants until they have paid tax and NI for five years
  • Promise to invest any tax profits from ‘fracking’ into setting up a Sovereign Wealth Fund to pay for elderly care
  • End bedroom tax 
  • Oppose mansion tax 
  • Tax breaks for smaller breweries 
  • Keep council tax low 
  • Exempt all service personnel on duty overseas from income tax
  • Remove VAT from listed building repairs and sanitary products

Pensions 

  • Introduce a flexible state pension window so you can still take a slightly lower state pension at age 65 even as the state pension age increases 
  • Double the budget for free pensions advice to help pensioners make sound financial decisions 
  • Make it a criminal offence to cold call someone in respect of pension arrangements

Small businesses - as outlined on BusinessZone 

  • UKIP will repeal EU regulations and directives that stifle business growth
  • A scheme businesses to provide evidence of repeated late payments to HMRC. If the large company is found to be systematically exceeding its contractual terms of payment with small businesses, a sanction of significant fines, proportionate to the extent of the abuse of terms, will be levied
  • If a business has only one property and the rateable value is less than £50,000, the business will get 20% rate relief. If the business has more than one property, the 20% relief will still apply, provided the total rateable value of all properties is less than £50,000
  • UKIP will pilot a scheme to improve access to trade credit insurance to small businesses. This insurance already exists in the market, but can prove restrictive for smaller companies, especially in certain business sectors"We will push every local authority in the country to offer at least 30 minutes free parking in town centres, high streets and shopping parades, to encourage shoppers into our town centres and boost local business
  • UKIP will remove the necessity to demonstrate compliance in areas irrelevant to the job being tendered for

What do you think of UKIP's proposed policies? 

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