With less than a week to go until we cast our vote in the general election, Tony Wickenden discusses the proposals from the main political parties that are most relevant for planners and financial planning. 

    First up, the Conservatives. 

    The Conservatives' manifesto is smaller than Labour's, in line with the parties' different spending ambitions. 

    They have committed to no increases to the rates of income tax, national insurance or VAT, as well as carrying out a review of entrepreneurs' relief.

    There is also the potential for the Conservatives to follow up on the Office of Tax Simplification's proposals on inheritance tax (IHT).

    Among the other Conservative pledges highlighted by Tony include maintaining the state pension triple lock (a commitment echoed by both Labour and the Liberal Democrats), and to address the problems associated with the tapered annual allowance. 

    Labour has put forward some radical tax changes as part of its manifesto. 

    These include an income tax rate of 45 per cent on income above £80,000, and a 'super rich' rate of 50 per cent applied on income above £125,000. 

    They want to see dividends taxed as income (so no dividend allowance), and for capital gains also to be broadly taxed as income. 

    The cost of Labour's spending plans will be part funded by the wealthy and by business, with a planned rise to corporation tax of 26 per cent by 2022/23.

    They also want to bring in a requirement for companies to put aside 10 per cent of their shares for employee ownership. 

    Labour has also attracted attention for its commitment to compensating the 'Waspi' women over changes to the state pension age, at a cost of over £50bn.

    The Liberal Democrats' tax policy is fairly aligned with Labour's, but with some standalone policies as well as a slightly different stance on some measures. 

    They are proposing a 1 per cent increase to income tax rates, and agree with Labour that capital gains should be treated as income. 

    The party has committed to a review of the IR35 provisions for contractors, and wants to see staff at listed companies able to have shares held in trust for them. 

    They are also proposing a progressive health and care tax to help fund the cost of social care. 

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