In a surprise move which had not been trailed before the manifesto launch, the self employed would see national insurance contributions cut during the course of the next parliament if the Conservatives were to win the general election, first time buyers would see stamp duty relief extended and capital gains tax rates will not rise.

Under a new pensions tax guarantee, the Conservative manifesto stated that they would not introduce any new taxes on pensions, maintaining the 25% tax free lump sum and maintain tax relief on pension contributions at their marginal rate, adding that they ‘will not extend national insurance to employer pension contributions.’

At the launch at the Silverstone circuit, prime minister Rushi Sunak stressed the contribution of self employed entrepreneurs to the economy and set out plans to cut tax for this segment of the working population.