The Conservatives have also pledged not to increase VAT, National Insurance contributions or Income Tax; they also pledged to raise the 40p Income Tax threshold to £50,000 over the course of the next parliament.
However, the party has also promised to hold a referendum on the UK’s membership of the European Union which is now on course to be held in 2017 if not earlier.
“The prospect of an in-out referendum of Britain’s EU membership has gone from risk to a reality,” said deVere Group’s founder and chief executive, Nigel Green.
“Since this is likely to take place in several years’ time, this could lead to numerous years of ongoing uncertainty.”
Mark Pearce, partner and high net worth tax expert at Thomas Eggar LLP said: “In the longer term, the Conservative pledge to hold a referendum on Europe may cause concern for some investors as a departure from Europe would allow the UK to renegotiate various tax treaties or reinstate anti-avoidance provisions that have had to be abolished or reduced due to EU law.
“However, as that is likely to be several years hence, I think most investors can take comfort that it will be business as usual for a while at least.”
