New Brooms
11/06/2024

As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July.

Labour have disclosed a number of tax changes they would introduce. To summarise they are:

  • Private school fees will attract VAT at 20% which private schools will no doubt pass on to parents. The Labour Party has also said it will also end business rates relief for private schools. The £1.7bn raised by this move will be used to improve local authority schools.
  • There may be changes to the taxation of Non-Doms to close loopholes that the Labour Party considers are unfair.
  • To introduce a windfall tax on the profits of the energy supply companies.

They have also been vocal in confirming that they will not raise Income Tax, National Insurance or VAT (apart from the changes highlighted above).

In contrast, the Conservative Party has pledged to:

  • Introduce a triple-lock pension allowance that would raise the tax-free pension allowance by at least 2.5% a year.
  • They would raise the threshold for the claw back of child benefits (the High Income Child Benefit Charge) to £120,000 and base the income on household income rather than the income of the highest wage earner.
  • Longer term, the Chancellor has disclosed his intention to reduce employees NIC and consider scrapping Inheritance Tax.

Of course, we will have to wait for the outcome of the election and then the formal disclosure of any future tax changes. Which ever party assumes control, let us hope we can look forward to a period of economic growth. If the pundits are correct, expanding economic activity and productivity are the necessary ingredients to increase prosperity. Fingers crossed that the new brooms are up for this task.


About Us

We are chartered accountants and registered auditors established in 1946, we have been based in Staplefield near Haywards Heath since 2004. With a client base throughout the southeast, our location is the focal point between Crawley, Horsham and Haywards Heath and Brighton.

Find out more...

Legal

The information contained on this website is provided by Carter Nicholls Ltd for general guidance and is aimed to offer the user general information only. Before making any decision or taking action, you should seek professional advice from a professional from Carter Nicholls or another qualified professional.

Read more....

Contact Us

Carter Nicholls Limited
Victoria House, Stanbridge Park, Staplefield Lane
Staplefield
West Sussex
RH17 6AS

info@carternicholls.co.uk
01444 401440

JUMP TO TOP