All parties tax updates
Real estate taxation: comparison of the manifestos
We have compiled a brief summary of the main taxation changes that will be relevant to the real estate sector from the main party manifestos and accompanying documents.
26 November 2019
The Green Party Manifesto provides in relation to tax that the Green Party would:
- increase the rate of corporation tax to 24%.
Income Tax and Capital Gains Tax
- merge Employees National Insurance, Capital Gains Tax, Inheritance Tax, Dividend Tax and Income Tax into a new single Consolidated Income Tax.
- tax income from investments and assets at the same level as income from work through the Consolidated Income Tax.
- phase the Consolidated Income Tax in over a ten year period with reliefs (unspecified) to be made available.
- abolish the non-dom regime.
- support small businesses by reducing VAT on food and drink served in pubs, bars and restaurants, on hotel bookings and on theatre, music concert and museum and gallery tickets.
22 November 2019
At the CBI conference [yesterday] Jeremy Corbyn told delegates that those at the top will have to pay their 'fair share' under a Labour administration. But he said that he would work closely with business "because it’s in our common interest to build the high skills green economy of the future".
In his speech to the conference Boris Johnson pledged to cut business taxes such as Business Rates and NI contributions. This is in addition to his reversal of the planned corporation tax cut (see our post here). In his Q&A session he was asked whether he would abolish Entrepreneurs' Relief (as called for by Sir Edward Troup, the former Executive Chair of HMRC (see our post here) but he would not be drawn.
20 November 2019
Sir Edward Troup, the former Executive Chair of HMRC, has called for the abolition of entrepreneurs' relief by the incoming government, following December's general election. This is against a growing backdrop of thinktanks and professional bodies calling for its abolition, including Tax Research UK, the Association of Accounting Technicians and the IPPR.
Read the IPPR's recent paper: Just tax: reforming the taxation of income from wealth and work.
19 November 2019