There is to be no surprise tax rises by Labour

She is evasive about a possible rise in VAT, emphasising only that she has no plans to increase income tax, NI or corporation tax. Her mantra is that she doesn’t want to increase tax for working people. She will though, I have no doubt, through indirect taxation. And of course Labour are of the view that inheritance tax isn’t paid by ‘ordinary working people’. She won’t admit to anything controversial at this stage despite the Treasury saying that Labour’s plans will leave a big black hole. Just wait until she says things are worse than we expected so we have to take some difficult decisions - the inevitable get-out clause.

Well I don’t remember the Tories promising to raise our tax levels to the highest level since the war, but they did, and some.

Michelle Mone seems to have been the recipient of quite a bit if it, plus of course all the others that we know about.

So Reeves has a way to go to achieve that record!

I am here sighing.
Could be something to do with the mood I am in.

I just dont buy into lots of things nowadays.
Too old and jaded.

I dont buy into bias. When I notice it.
I dont buy into promised land, from anyone, politics or anything in life. Well except Heaven!
I dont buy into, everything will be rosy from now on.
I dont buy into, things will work out ok.
I dont buy into, someone did or didnt do something last time, so things will be ok this time. Or not.
I certainly do not buy into manifestos. From anyone.
I do not buy much into promises.

I can bring the mood right down today!

Labour have been talking about Commercial Tax I would like to know what this entails.

I don’t remember the Conservatives knowing there was going to be a pandemic. Tax to GDP is lower than in France, Italy and Germany.

When the pandemic hit I expect any government would have done a deal with Satan if he could produce PPE.

KPMG. Feb 2024

Labour will cap the headline rate of corporation tax at 25 percent for the lifetime of the next Parliament. In a speech at the Labour business conference, Rachel Reeves, Shadow Chancellor of the Exchequer, stated that the 25 percent corporation tax rate strikes the correct balance between the needs of the country’s public finances and the demands of a competitive global economy. However, she did not rule out acting if international tax changes threatened to undermine UK competitiveness.

The party committed to maintaining full expensing and to not making capital allowances less generous than their current level. HMRC will be asked to produce guidance on which assets are eligible for the different types of capital allowances.

Announcements also confirmed that, should they get into power, Labour will maintain R&D tax credits, the patent box regime and the annual investment allowance.

Labour will also publish a business tax roadmap in the first six months of its government which will set out scheduled changes to corporation tax reliefs and capital allowances for five years.

One announcement that will generate interest with businesses is the intention to explore a greater use of rulings and clearances. These would set out the tax treatment of a potential investment to provide “more certainty to businesses”.

Labour also intends to continue with multilateral initiatives including the global minimum rate of corporation tax, a deal on the taxation of digital multinationals and concerted action to tackle tax avoidance.

Other announcements affirmed previous statements including:

Strengthening the current windfall tax on North Sea oil and gas producers;
Replacing business rates with a new system of business property taxation that rebalances the burden between high street businesses and digital multinationals;
Reforming the Apprenticeship Levy into a more flexible Growth and Skills Levy, banning ‘exploitative zero hours contracts’ and ending ‘fire and rehire’; and
Reviewing the pensions and retirement savings landscape.
From a policy perspective they have confirmed that they will hold only one Budget every November, four months before the new tax year, as well as introducing ‘iron clad fiscal rules and a fiscal lock’.

To further improve the tax system they intend to focus on digitalisation of the tax system to generate ‘productivity gains’ for businesses through:

Reducing the complexity of the tax system for businesses;
Minimising the amount of data they need to provide to HMRC; and
Improve the accuracy and speed of record-keeping.
During a Q&A with press, however, Reeves would not commit to raising income tax thresholds. She also reiterated proposals to close ‘loopholes’ for private schools, private equity managers and non-domiciled individuals, indicating the latter would be replaced with a ‘fairer system’ for those that are in the UK for a short period of time.

Businesses will be pleased to see formal statements from Labour about their tax plans should they form the next Government. There will inevitably be more to come over the coming months as Labour set their stall for the upcoming general election.”

Labour’s business plans have been met with approval by business.

Germanshepherdsmum

I don’t remember the Conservatives knowing there was going to be a pandemic. Tax to GDP is lower than in France, Italy and Germany.

When the pandemic hit I expect any government would have done a deal with Satan if he could produce PPE.

In 2019 the tax burden was at a 50 year high and climbing.

You are saying nothing that I don’t already know. There will indeed inevitably be more to come - but nothing damaging until after the election.

Their business plans have met with approval from some businesses .

Whitewavemark2 your last sentence

Labours plans have been met with approval of business

They have said that 120 businesses have signed a letter of approval, as I understand not one of the FTSE 100 was a signatory.

120 out of 1,000’s of businesses in the U.K. is insignificant.

I haven’t decided who to vote for, but so far not a word, statement or so called Labour promise has persuaded me to lend them my X

Think about what the tax burden consists of, and which of those taxes either didn’t exist or didn’t affect the vast majority of people 50 years ago.

GrannyGravy13

Whitewavemark2 your last sentence

Labours plans have been met with approval of business

They have said that 120 businesses have signed a letter of approval, as I understand not one of the FTSE 100 was a signatory.

120 out of 1,000’s of businesses in the U.K. is insignificant.

I haven’t decided who to vote for, but so far not a word, statement or so called Labour promise has persuaded me to lend them my X

FTSE businesses traditional never ever comment on an election.

Whitewavemark2 I have just checked and there are currently 2.1 million Limited Companies actively trading in the U.K. out of 5 million which are registered.

120 signatories backing Labour’s supposed plans is insignificant.

GrannyGravy13

Whitewavemark2 I have just checked and there are currently 2.1 million Limited Companies actively trading in the U.K. out of 5 million which are registered.

120 signatories backing Labour’s supposed plans is insignificant.

How many are backing the Tories? The so-called traditional party of business?

Germanshepherdsmum

I don’t remember the Conservatives knowing there was going to be a pandemic. Tax to GDP is lower than in France, Italy and Germany.

When the pandemic hit I expect any government would have done a deal with Satan if he could produce PPE.

They ignored Operation Cygnus though which would have prepared them for what was likely to be a world pandemic at some point. But Hunt chose to ignore the findings of it. And the stored PPE should have used and replaced instead of being left to go out of date in storage.

Getting elected requires careful presentation by Labour when a Tory government is promising lots of uncosted ideas to seduce unwary voters. Governing is an entirely different task and given the chaotic performance of the Tories especially under Johnson and Truss I prefer to give Labour the opportunity. I just wish they would reverse Brexit.

Whitewavemark2

GrannyGravy13

Whitewavemark2 your last sentence

Labours plans have been met with approval of business

They have said that 120 businesses have signed a letter of approval, as I understand not one of the FTSE 100 was a signatory.

120 out of 1,000’s of businesses in the U.K. is insignificant.

I haven’t decided who to vote for, but so far not a word, statement or so called Labour promise has persuaded me to lend them my X

FTSE businesses traditional never ever comment on an election.

Really? How odd that they have done so in the past.

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

AGAA4

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

👏👏👏

AGAA4

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

Me too ☹️

Whitewavemark2 you seem to be love bombing the threads with claims about Labour being the next second coming.
I’ll be voting for them as usual but think you’re doing more harm than good with all this.🧐

MayBee70

Germanshepherdsmum

I don’t remember the Conservatives knowing there was going to be a pandemic. Tax to GDP is lower than in France, Italy and Germany.

When the pandemic hit I expect any government would have done a deal with Satan if he could produce PPE.

They ignored Operation Cygnus though which would have prepared them for what was likely to be a world pandemic at some point. But Hunt chose to ignore the findings of it. And the stored PPE should have used and replaced instead of being left to go out of date in storage.

They also ignored the extant bona fide established PPE suppliers, who were eager to help supply what was needed, in favour of mates who had never had anything to do with supply of PPE.

How do you justify the VIP lane, GSM?

No surprise tax rises, but no doubt they’ll give us plenty of warning so we won’t surprised.

Oreo

AGAA4

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

Me too ☹️

Whitewavemark2 you seem to be love bombing the threads with claims about Labour being the next second coming.
I’ll be voting for them as usual but think you’re doing more harm than good with all this.🧐

😇😇😇

Labour does seem to be having a halo moment, which its supporters are getting rather carried away with…

Oreo

AGAA4

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

Me too ☹️

Whitewavemark2 you seem to be love bombing the threads with claims about Labour being the next second coming.
I’ll be voting for them as usual but think you’re doing more harm than good with all this.🧐

I think she's trying to supply information for the posters who say they have no idea what Labour policies are.

It also gives a chance for people to discuss something meaningful, as opposed to wizard wheezes drawn up on the back of a fag packet.. like national service and priority personal tax allowances for pensioners.

Oreo

AGAA4

I have no confidence in any of the promises made by either party at this time. I treat all promises and "plans" with equal cynicism.

Me too ☹️

Whitewavemark2 you seem to be love bombing the threads with claims about Labour being the next second coming.
I’ll be voting for them as usual but think you’re doing more harm than good with all this.🧐

I’m merely reporting what I am reading in my paper.

This morning I looked at the threads and there was so many threads that were headlining negativity about Labour I thought I would address the balance.

I guess you are simply not used to seeing so much positivity. And if people are being put off by positivity, then they are a lost cause imo.