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Briefing: The Tax Lock

The Conservatives have pledged to introduce a “tax lock,” an unusual move which would legally prohibit them from increasing income tax, National Insurance, or VAT for five years.
The party retains its earlier promises to take everyone on the minimum wage out of income tax, by raising the personal allowance to £12,500 by 2020; increasing the threshold for paying the 40p rate of tax to £50,000; and lifting the threshold for inheritance tax to £1 million in line with inflation. So what does this mean in practice?