The election results are in and the Labour party won the country’s mandate to form a new parliament. A recurring topic of discussion and disagreement in the run up to the election was that of tax,
I am increasingly being questioned by clients on what the likely taxation impact of a new Labour government is if they win the next General Election and whether they should make changes now.
Well let’s look at what has been said, the party has ruled out increasing rates of income tax, NI, corporation tax and VAT stating they have “no plans” for further tax increases and that the party’s plans requires no additional tax to be raised.