Liberal Democrats propose reversal of Tory tax moves

The Liberal Democrats have said they will make tax "fairer" by promising in their election manifesto to reverse several of the tax measures introduced by the Conservatives. The document pledged that the cut in corporation tax from 20% to 17%, the cut in capital gains tax, the capital gains tax extended relief, the marriage allowance and the rise in the inheritance tax threshold would all be axed.

Other tax measures include the creation of a general anti-avoidance rule, as well as reform of corporation tax away from a levy on profits to one that takes into account "a wider range of economic activity indicators, such as sales and turnover". Land value taxation will also be considered, while a review will be conducted into the balance of where tax and spending falls between the generations.

Perhaps the most controversial proposal in the manifesto is the legalisation of cannabis, which will be taxed like tobacco, while a 1p rise on all tax bands to pay for more NHS and social care funding may prove popular.