UKIP set to unveil income tax reforms in party conference
UKIP is set to unveil far-reaching reforms to income tax – with those earning as much as £55,000 set to pay 35p of tax for every £1, instead of 40p.
Led by Nigel Farage, the controversial party has received a surge of popularity recently. On Friday, it is set to announce that it would raise the personal income tax allowance to £13,500.
Analysts believe that this is to win the ‘blue collar vote’ – voters who would typically vote Labour.
One issue that has stumped accountants is how such far-reaching reforms can be afforded. UKIP believes it can forego the tax revenue lost by leaving the European Union, and by dramatically reducing the amount of foreign aid that’s been given.
Mr Farage believes that the tax system needs to be simplified. This way, it’s possible that more money would be collected for government coffers in the long-term. But whether such plans would ever come to fruition remains to be seen, with UKIP battling to even get one constituency in the next general election.