If the new Labour government follows up on the promises in its manifesto, then taxes will change.
While this means there will be tax increases for some in the short term, Labour have promised an aggressively pro-growth agenda for UK businesses and a stable, predictable business environment for future years. Fewer changes have been outlined on personal taxes, but it is rumoured that changes to capital taxes are potentially being considered as revenue raisers at some future point.
Whether the new Labour government’s plans are deliverable remains to be seen, but here is what to look out for as their policies are fleshed out and implemented.
Planning your wealth
The new Chancellor has already confirmed that a Budget or fiscal event is not going to happen until mid-September at the earliest so it is unlikely that personal tax changes will be implemented rapidly. Therefore, there is window of opportunity to revisit your broader wealth position and to take advantage of the tax reliefs and incentives that are currently available.
Our Personal Tax Planning guide has been updated for 2024/25 and covers a wide range of planning options that may be beneficial for your personal, family and business finances.
Please contact us if you wish to discuss any of the ideas covered.Â
| JON HICKMANTax Partner Jon has many years of experience dealing with both OMB’s and large international businesses. He advises management teams, shareholders and their businesses. |
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