How will it affect the amount you're taxed? Use our calculator to find out! tweet this
What is your gross income?
Enter your gross income to see how the different parties intend to tax you if voted in.
By looking at the headline taxation figures in each party's manifesto we have created a quick and simple comparison calculator.
Below are the major policies outlined by each party in their 2017 Election Manifesto. Anything not mentioned here will retain the current taxation policies in effect for 2017/2018, which you can view here
Manifesto released but does not detail any tax changes - aside from allowance and threshold increases in 2020.
Personal allowance to be £12,500 in 2020 and Higher rate threshold for gross income hits £50,000 at the same time.
New 45 percent tax band introduced for those earning over £80,000
50 percent tax for those earning over £123,000 gross per year
Assuming tapering of personal allowances after £100k will remain
Assuming figures disclosed by Labour are for income after allowances
All tax band rates to be increased by one percent
Basic Rate 21 percent
Higher Rate 41 percent
Top Rate 46 percent
Dividend tax band rates to also be increased by 1%
Ordinary rate 8.5%, Upper rate 33.5%, Top rate 39.1%
Increase primary threshold for Class 1 National Insurance to same level as personal allowance (Currently £11,500)
£13,500 tax free personal allowance
Tapering of the personal allowance for those earning over £100,000 removed
Basic rate band at 20 percent
Higher rate of tax at 40 percent effective on gross incomes over £55,000
45 percent tax band retained
2017 manifesto short on details but policies in line with 2015 manifesto
Citizen's income provided instead of a tax free personal allowance
Amount paid possibly equivalent to current personal allowance at 20 percent, set here at £2,120
National Insurance Contributions changed so all income over primary threshold charged at 12 percent
Top rate of tax increased to 60 percent
No increases on tax aside from raising the 45 percent tax band for people earning over £150,000 gross per year to 50 percent.