UKIP today announced a number of new policies, the details of which can be found here. Jonathan Isaby, Chief Executive of the TaxPayers’ Alliance, responded by saying:
“For every good policy announced today, UKIP conjured up a bad one. Despite all the talk of simpler, fairer taxes, many of the proposals announced today will only increase taxes and add further complexity to our already baffling tax system. The frankly bizarre “luxury tax” on handbags and Jimmy Choos would be a nightmare to administer, add hundreds of pages to the tax law books, and would send a very strong anti-aspiration message.
“All parties should promise to abolish the unfair and unjust Inheritance Tax, and the Barnett Formula needs significant reform. But where were the radical proposals to reduce spending? It’s wrong to claim savings from HS2 – which should be scrapped – could pay for anything else, as the money needs to be borrowed anyway. Tax cuts deliver economic growth and raise money in the long-term, but they must be accompanied by clear proposals showing how to bring the deficit down.”