The Taxes Labour Could Whack Up to Fill the Supposed Black Hole

The Taxes Labour Could Whack Up to Fill the Supposed Black Hole

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Labour have already u-turned on their promise to not raise taxes on “working people”. Reeves is saying she needs to fill the “surprise” £22 billion black hole by whacking up tax. Though if they are to commit to their promise of not raising income tax, VAT or NI, it’s simply a question of which sectors of life Labour will target. Tax lawyer Dan Neidle has done some research into which taxes they could raise:

Pension Reforms:

• Scrap the pension tax relief.
• End the pension tax free lump sum.

Inheritance and Wealth Taxes:

• Limiting inheritance tax reliefs.
• Increase inheritance tax on trusts.
• Wealth tax – targetting those with assets.
• Gift tax.

Capital Gains and Investment Taxes

• Increase capital gains tax. Something that would drive out investment and investors…
• Abolish business asset disposal relief.
• Cap tax relief on ISAs.

Property and Real Estate Taxes

• Eliminate the stamp duty “loophole” for enveloped commercial property.
• Increase ATED.
• Council tax increases for valuable property.

Consumption Taxes

• Reverse the Tories’ cancellation of the fuel duty rise.
• Increase vehicle excise duty.
• Tax gambling winnings.

A reminder that Neidle is not just a tax lawyer, but a senior Labour activist, who currently sits on the Party’s senior disciplinary body. He may be very well informed…