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