• There is no commitment to retaining the ‘triple lock’ – whereby the state pension is guaranteed to rise by the highest of 2.5%, average earnings and the official rate of inflation. Instead pensions will be protected via a double lock, where they are guaranteed to increase by the higher of inflation and the rise in earnings
• The winter fuel allowance for pensioners is likely to be means tested in some way
• Those requiring domestic care will need to pay for this using the value of their homes. However, they will now receive state help when the value of their assets falls to £100,000, compared to the existing threshold of £23,250
• The income tax personal allowance will rise to £12,500 by 2020, with the higher rate threshold increasing to £50,000
• Corporation Tax will be reduced further to 17% by 2020, from the current level of 19%
• The National Living Wage will rise in line with average earnings in every year of the next Parliament


• The triple lock will be maintained, and once the state pension age has risen to 66 in 2020, no further increases are planned
• The National Living Wage will rise to £10 per hour by 2020, and will be extended to all employees aged 18 or over
• A new 50% income tax rate on earnings above £123,000, with 45% tax to be paid on earnings between £80,000 and £123,000
• A new tax on companies paying high salaries, so those with a wage bill of more than £330,000 will pay a 2.5% tax, while those paying more than £500,000 in salaries will be charged at 5%
• Scrapping the ‘family home allowance’ on inheritance tax
• A reversal of all Conservative corporation tax cuts, so the rate will revert to 26%
• An extension of the stamp duty currently paid on share transactions to encompass other assets such as share options
• A ban on banks closing branches where there is a ‘clear local need’ for them

Liberal Democrat:

• The winter fuel allowance will no longer be received by pensioners in the higher rate income tax bracket
• An extra 1% will be added to all income tax bands
• A flat rate of pension tax relief will be considered
• Corporation tax will rise to 20%


• The National Living Wage will rise to £10 per hour by 2020
• Phasing in of a four-day working week, with a maximum of 35 hours per week
• Working towards the introduction of a guaranteed basic income for all citizens
• A tax on high value transactions
• A phased abolition of the cap on employees’ national insurance contributions, which will mean that the wealthiest pay more
• Take advantage of the government-owned Royal Bank of Scotland to create a network of local ‘people’s banks’, providing low-cost basic banking services.


• VAT to be scrapped on domestic energy bills
• The income tax personal allowance will rise to £13,500, with the higher rate threshold increasing to £55,000
• People will be able to retire from age 60 if they are prepared to accept a lower state pension
• The inheritance tax threshold will rise to £500,000, and will be transferable for a married couple or those in civil partnerships, so couples will in effect have a £1 million threshold
• A cut of 20% in the business rates of companies with premises with a rateable value of less than £50,000

Publication of the Scottish National Party manifesto has been delayed after election campaigning was suspended following the terrorist attack in Manchester.

The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article.