Saturday, November 9, 2024
HomePoliticsThe Taxes Labour Could Whack Up to Fill the Supposed Black Hole

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





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





mdi-fullscreen



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…



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

Verified by MonsterInsights