UKIP believes in allowing people to keep as much of their own income and wealth to spend according to their own needs and priorities.
• UKIP will raise the personal tax allowance to £13,000. This will help those on low earnings.
• UKIP will legislate to change the BBC TV licence from a tax to a voluntary subscription. The licence fee currently costs the holders £3.7 billion per annum. The licence fee is an outdated, regressive tax, which unjustly criminalises those who don’t wish to watch the BBC, particularly the poor. The BBC World Service could be retained under Government control.
• Channel 4 is a publicly owned entity under the control of the Department of Digital, Culture, Media & Sport. Although funded by advertising, any potential liabilities fall to the taxpayer. UKIP would sell it off on the commercial market.
• UKIP will abolish inheritance tax (currently £5.2bn per annum).9 Assets purchased out of taxed income should not be taxed again when their owners die. UKIP will kill this ‘death tax’. It hits the middle classes hardest, those who have worked to provide for their dependants, because the wealthiest can often manage to avoid paying it.
• UKIP will abolish Stamp Duty. This is a tax on people moving house, which very often affects people struggling to accommodate a growing family, and currently costs house buyers £16.2bn per annum.10
• We will ensure that all businesses and multi-national corporations pay the appropriate taxes to HM Treasury. Post Brexit, these companies will not be able to take advantage of EU tax avoidance schemes.
• Once outside the EU, the UK will have control over VAT. UKIP will take the opportunity to zero-rate certain goods, such as domestic fuel, sanitary products and repairs to commercial, residential buildings and historic and listed buildings.
• Council tax as it currently stands is outdated and needs to undergo a full and thorough review.