The Liberal Democrats are planning to double the rate of capital gains tax for high earners, a funding boost for HMRC, hikes in council tax rates for second home owners and abolition of loan charge
The manifesto sets out a package of £27bn in tax rises by 2028-29, prioritising ‘tax cuts, when the public finances allow’ and cutting income tax ‘by raising the tax-free personal allowance, benefitting the vast majority of families and taking more low-paid workers out of paying income tax altogether’.
HMRC would see an extra £1bn investment a year to improve customer support and boost compliance and anti-avoidance activities, earmarked to raise £7.23bn by the end of a four-year parliament.
There are also plans to reform capital gains tax (CGT) to target the ‘super wealthy’ to close loopholes exploited by the wealthy to raise £5.21bn by adjusting the rates and basing them solely on capital gains.
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