What tax changes lie ahead after Labour’s historic win?
As expected, there was a Labour landslide victory in the election overnight. This marks the first change in Government for 14 years. There is unlikely to be a Budget until Autumn, however we expect there will be some significant tax changes in the coming years. VAT on school fees has already been widely discussed, but the timing of this is unknown. Labour have pledged not to raise Income tax, National Insurance and VAT, but have remained silent on Capital Gains Tax and Inheritance Tax, so there could be some changes in these areas. We will keep all our clients abreast of any changes as we hear them and more importantly their impact and any action that might need to be taken. Interesting times ahead!
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