Labour’s hit-list of taxes

1. Labour in the UK is considering significant tax increases, despite ruling out raises to income tax, national insurance, and VAT during the general election.

Regardless of the pre-election Promises & Lies (no not the UB40 version) this insidious administration fundamentally executed a plan of misinformation on the British public, if we are going to discuss false information, I put it to you that every word in the Labour manifesto was a lie, with the exception of thank you, and that was about a sincere as an asylum application from a 14-year-old at Dover!

This loose collection of morally, emotionally and politically damaged imposters, have already tied themselves up in knots, with promises they cannot keep, expenses they cannot pay and commitments that will leave them no option but to rob peter to pay paul. (the names of the beneficiaries are somewhat different, but I will leave it to you to work that one out, as we no longer have free speech!)

Here are some of the reckless routes to rob the British public, that are under consideration:

2. Proposed changes to inheritance tax:

– Reducing the nil rate band from £325,000 to £125,000

– Imposing tax on lifetime gifts above £3,000 per year

– Taxing unused pension savings upon death

– Potential double taxation with inheritance and capital gains tax on estates

3. Capital gains tax proposals:

– Increase to 53% on buy-to-let property or second home sales

– Increase to 37% on share sales

4. Other potential tax changes:

– Increase basic rate of dividend tax from 8.75% to 20%

– Cut business and agricultural property reliefs

– Impose national insurance on rental income for buy-to-let landlords

– Increase national insurance for the self-employed

5. Pension changes:

– Potential reduction of the 25% tax-free lump sum cap from £270,000 to £100,000 or lower

6. Vehicle-related changes coming soon:

– Removal of 5% discount on fuel for petrol/diesel cars

– Introduction of pay-per-mile road tax for electric vehicles

7. Other considerations:

– Potential capital gains tax on assets for those leaving the country (Canada has been doing this for a while now and two-tier Keir is rumoured to have been picking Justin Trudeau’s brains about this.

– Under this plan, those wishing to close their HMRC account and leave the country will any assets that are liable for CGT taxed at the current rate, as though they had been sold and this would need to be paid before leaving.  Professional advice and planning is highly recommended here.

– Cuts to pensioners’ winter fuel allowance which has already happened.

– Proposal to axe free bus passes for the elderly

– Likely removal of single person’s council tax discount

– VAT on independent schools, which will clearly result in a net-loss in total revenue, but this will have a devastating effect on the industry, as tens or even hundreds of thousands of extra pupils will need to be educated in state schools.

For every child who leaves an independent schools, the loss in VAT added to the additional cost for them to enter a state school will result in the government collecting over £10,000 per year, per child, than they have budgeted for, this is not economics, this is deranged Keirenomics.

8. Other Concerns raised:

– Described as a “nationalization of wealth”

– Potential negative impact on savings, investments, and business startups

– Reports of 1,900,000 heirs leaving the country (unverified)

9. Implementation timeline:

– This won’t all happen in one go, but most of these hair-brained proposals are expected to be implemented during the course of this parliament, if they last that long.