The Democratic Unionist Party manifesto seeks to support reviewing corporation tax rates and increasing R&D spending to 3% of GDP. It also supports increasing National Insurance allowances to match the personal allowance and scrapping the tapered annual pension allowance.
Key proposals include support to increasing the employment allowance to £4,000, introducing time-limited capital allowances and zero rating domestic electricity and gas, sanitary products and new electric vehicles for domestic use. The DUP will support the following policies:
- Keeping corporation tax rates under review.
- Increasing the employment allowance for National Insurance payments to £4,000.
- Introducing time-limited capital allowances for businesses.
- Developing a long-term plan between Government, industry and universities to increase Research and Development in the UK to 3% of GDP.
- Reforming the tax treatment of Conacre land so that there is a greater incentive for land owners to release land for productive farming.
- Maintaining the freeze in fuel duty.
- Abolishing domestic air passenger duty.
- Zero rating sanitary products.
- Reducing the insurance premium tax by 1% every year of the Parliamentary term.
- Abolishing and replacing the Apprenticeship Levy.
- Zero rating new electric vehicles for domestic use and reducing VAT rating for new hybrid cars.
- Zero rating domestic electricity and gas.
Key policies include support to raising the National Insurance allowance to be in line with the personal tax allowance and scrapping the tapered annual pension allowance. The DUP will support the following policies:
- Raising National Insurance allowances to match personal tax allowances over the next Parliamentary term.
- Scrapping the tapered annual pension allowance and reviewing the annual allowance for defined benefit schemes.
- Increasing the personal tax allowance in line with inflation each year.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.