economy
Reform unveils plan to 'save' British businesses by slashing red tape and axing 'ridiculous EU laws'
WATCH NOW: Robert Jenrick sets out plan to 'save' British businesses by slashing red tape and axing 'ridiculous' EU laws
TL;DR
- Reform UK plans to scrap UK privacy rules based on GDPR, replacing them with a more lenient system modeled on New Zealand's legislation.
- The party will introduce a tax-relief scheme allowing relatives to invest up to £250,000 in a child or grandchild's small business with significant tax advantages.
- Proposals include reversing the rise in employer National Insurance contributions and changes to inheritance tax on farms.
- A 'hard work bonus' would eliminate income tax on overtime for employees earning below £75,000.
- The VAT registration threshold is planned to increase from £90,000 to £150,000, potentially benefiting 320,000 small businesses.
- Reform UK also promises to fund the reversal of Rachel Reeves's National Insurance rise through a levy on migrant workers.
- A £30 tax credit is proposed for individuals waiting over 30 minutes to speak with HMRC.
- Senior HMRC officials' pay will be linked to customer service performance, with potential dismissal for failure to improve waiting times.