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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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