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It insists on the Labor manifesto not to raise the main three taxes – income tax, national insurance and VAT. But we’ve seen since the election that other taxes can change, such as inheritance tax changes that affect family farms, often provoking a heated response.
Among those who can:
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Replacing stamp duty and council tax with an alternative property tax
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A higher capital gains tax rate that you pay on profits when you sell assets other than your primary home, as well as some stocks, to bring them into line with income tax rates.
Such reforms take time and bring winners and losers. A number of U-turns followed as Reeves and Starmer tried to make big changes, albeit with a loud voice.
Burnham and his chancellor are expected to continue Government self-administered fiscal lawsA set of preferences on government tax and spending decisions.
Opinion is divided on whether these are sensible building blocks for the economy, allowing for improved living standards, or whether they are a “dormant” economic problem.
“(As a result) the loose change on the back of the sofa has seriously affected personal finance, changed the tax landscape and made it more challenging for people to save for their future,” said Rachel Vahey, head of public policy at The Investment Forum.
