What would the election tax promises really mean for your pocket?

Smart Money: We cut through the manifestos to see how the parties’ plans would affect your bottom line

The days of election commitments of big reductions in taxes on income are over, but all the parties are proposing fairly substantial changes to the tax system. Photograph: Nick Bradshaw

The days of election commitments of big reductions in taxes on income are over, but all the parties are proposing fairly substantial changes to the tax system. Photograph: Nick Bradshaw

The election debate has focused more on spending and on the key areas of health and housing. But significant commitments are also being made on tax which would have an impact on people’s pockets – in some cases quite a significant one. So how do the parties measure up in terms of these promises – and what would their promises mean for your bottom line?

1. Income tax

The days of election commitments of big reductions in taxes on income are over. There is no more talk of abolishing the USC or slashing income tax rates. But there are promises from many of the parties to adjust income tax bands and credits and the USC. Like promises on spending , these are – of course – reliant on growth continuing to pay the bills.

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