The party also pledged to reform capital gains tax to align the rates paid by taxpayers on income and taxable gains.
It argued this measure would affect less than 2 per cent of all income taxpayers.
As a result of these and other tax changes, the party estimated that additional revenue of between £50-70bn per year could be raised by the end of the next Parliament.
Additional policies included providing 150,000 new social homes every year comprising new build and the purchase/refurbishment of older housing stock, and a community right to buy for local authorities for several categories of property.
The party also stated that it would end the individual ‘right to buy’ scheme which would allow social homes to be kept for local communities “in perpetuity”.
Reform
Reform UK pledged to raise the income tax start point to £20,000 which it said would free up seven million people from paying the tax.
While also cutting residential stamp duty to 0 per cent below £750,000, 2 per cent from £750,000 to £1.5mn and 4 per cent for more than £1.5mn.
On inheritance tax, Nigel Farage said the current framework was “never designed for people in the middle” but for those on the “upper income scale”.
Therefore the party pledged to abolish IHT for all estates under £2mn, with the rate above £2mn being 20 per cent tax.
After the first 100 days, the party also planned to simplify the tax system, stating that the current UK’s tax code was a ‘burden’.
Farage explained that economic growth came from small and medium sized businesses, hence why the party plans to free more than 1.2mn SMEs from corporation tax.
Reform UK also pledged to abolish IR35 rules to support sole traders while also lifting the VAT threshold to £150,000.
On pensions, the party said it would review pension provision stating that the current system is “riddled with complexity, huge cost and poor returns leading to less uptake.”
In terms of social care it said it would commence a royal commission of inquiry into the social care system as well as simplifying the system through a single funding stream.
alina.khan@ft.com
