“Ruled out” is narrower than the headlines suggest. Protected by the main tax-rate pledge: the main rates of income tax, employee National Insurance and VAT. Subject to a separate commitment: the main corporation tax rate, capped at 25% for this Parliament. Outside those specific rate pledges: tax thresholds and allowances, employer National Insurance, capital gains tax, dividend and savings taxation, pension relief and tax-free cash, inheritance tax, property taxes, business