The measures include:
- Cancellation of a planned rise in corporation tax to 25%, keeping it at 19%, the lowest rate in the G-20.
- A reversal in the recent 1.25% rise in National Insurance contributions — a tax on income.
- A reduction in the basic rate of income tax from 20 pence to 19 pence.
- Scrapping of the 45% tax paid on incomes over £150,000 ($166,770), taking the top rate to 40%.
- Significant cuts to stamp duty, a tax paid on home purchases.
- A network of “investment zones” around the country where businesses will be offered tax cuts, liberalized planning rules and a reduction in regulatory obstacles.
- A claim-back scheme for sales taxes paid by tourists.
- Scrapping of an increase in tax rates on various alcohols.
- Scrapping of a cap on bankers’ bonuses.