Labour publish Election Manifesto

14 April 2015

Labour have launched their election manifesto which highlights their proposed tax changes and spending plans should they gain power in the General Election.

A search of the document did not highlight any specific changes relating to umbrella companies, contractors or IR35 but there is a promise to support small businesses which could be of benefit to contractors and freelancers who operate though their own limited companies:

Small Businesses Extract:

Backing small business

Small businesses are the backbone of our economy. Their creativity and dynamism are vital for raising productivity and competing in the global economy.

Labour will give them a voice at the heart of government – a Small Business Administration, which will ensure procurement contracts are accessible and regulations are designed with small firms in mind.

We will address rising costs for small businesses and strengthen rules on late payment. Labour will put small businesses first in line for tax cuts. Instead of cutting Corporation Tax again for the largest firms, we will cut, and then freeze business rates for over 1.5 million smaller business properties.

We will develop a banking system that works for businesses in every region and every sector in Britain. The long-standing problems of our banking system mean that too many small and medium-sized businesses cannot get the finance they need to invest and grow.

Labour will establish a British Investment Bank with the mission to help businesses grow and to create wealth and jobs. It will have the resources to improve access to finance for small and medium-sized businesses, and will support a network of regional banks.

We will increase competition on the high street. Following the Competition and Market Authorities inquiry we want a market share test and at least two new challenger banks. And we will deal with the scourge of household debt by introducing a new levy on payday lenders, using the funds raised to boost low-cost alternatives like credit unions.

Key Proposals:

Labour will:

cut the deficit every year and balance the books as soon as possible in the next Parliament

reverse the 50p tax cut so that the top one per cent pay a little more to help get the deficit down

not increase the basic or higher rates of Income Tax, National Insurance or VAT

cut and then freeze business rates and maintain the most competitive corporate tax rates in the G7

abolish non dom status

increase the National Minimum Wage to more than £8 an hour by October 2019 and introduce Make Work Pay contracts to provide tax rebates to firms becoming Living Wage employers

ban exploitative zero-hours contracts

guarantee an apprenticeship for every school leaver who attains the grades and require any firm that gets a large government contract to offer apprenticeships reduce tuition fees to £6,000 a year

freeze energy bills until 2017 and give the regulator the power to cut bills this winter

introduce a British Investment Bank and support a network of regional banks.

The full Labour Manifesto is available at: http://www.labour.org.uk/manifesto/all