UK: A new chapter with a new Labour Government

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• The first Labour Budget in over 14 years is likely to be in October 2024, however we suspect a few early announcements!

What we know so far:

• IT: Labour have promised not to raise taxes on working people. Tax thresholds are to remain frozen until April 2028 therefore this in itself is a tax rise!

• NINO: No increases to National insurance.

• Employment: Increase employee rights. NMW – only have 1 rate for all ages.

• Business: A roadmap for Business taxes.

• CGT: Possibly an increase to CGT excluding private home.

• VAT & Rates: VAT and business rates for private schools – close this loophole. Estimated to bring in £1.7bn to reinvest in the State school system.

• Non Dom: Non domiciled tax regime reform – following on from the Conservatives Spring Budget announcement.

• Trusts: End use of offshore trusts to avoid IHT.

• IHT: Speculation that IHT BPR and APR may not be as generous going forward.

• Windfall tax: Windfall tax on oil and gas companies.

• SDLT: Adding 1% SDLT on non residents purchasing UK residential properties.

• Private Equity: Private equity fund managers – taxing carried interest at income tax rates instead of cheaper CGT rates.

• HMRC: Rebuild HMRC with recruitment, training and investment in technology.

Any questions, our F&F tax team are happy to help.

Call us on 028 406 30876

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