The Conservative government will introduce legislation ruling out increases in income tax, value added tax (VAT) and national insurance rates for the next five years, it was confirmed in the Queen's Speech, which also detailed plans for an in-out EU referendum before the end of 2017.
The 'tax lock commitment' was promised by the Conservatives as part of its election manifesto. In the 64th speech of Elizabeth II's reign, the government also confirmed legislation to provide for an in-out referendum on the European Union by the end of 2017 would be introduced. Meanwhile, the Queen said there will be increased provision of free childcare, which is expected to be for three and four year-olds to 30 hours a week. Those on the minimum wage who work 30 hours per week will not pay any income tax under plans also to be introduced by the government, the Queen said. Addi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
