Another day, another tax promise. As a tax barrister I see the supposed tax promises being made by the two biggest British parties more as spin to grab headlines, but meaning nothing. The Tories are promising a tax lock by pledging not to raise the headline rate of income tax, national insurance or VAT for five years. Today Labour are likewise promising to increase social security tax credits. But that still leaves both of them plenty of wriggle room to raise tax by manipulating thresholds and other detailed rules.
Tax Barrister, Accountant