The Underdog

In the 24 months since Labour came to power, we've seen; • Employer National Insurance increased from 13.8% to 15%. • The employer NI threshold cut from £9,100 to £5,000. • Income Tax and National Insurance thresholds frozen until 2031. • Capital Gains Tax increased from 10% and 20% to 18% and 24%. • Business Asset Disposal Relief increased from 10% to 14%, then 18%. • Investors’ Relief increased and its lifetime allowance cut from £10 million to £1 million. • Carried interest taxation increased and moved towards the Income Tax regime. • Dividend tax rates increased by two percentage points. • Savings-income tax rates increased by two percentage points. • Property-income tax rates increased by two percentage points. • Most unused pension funds brought into the Inheritance Tax net. • Agricultural Property Relief restricted. • Business Property Relief restricted. • Inheritance Tax thresholds frozen for longer. • The non-dom regime replaced with a more extensive residence-based system. • VAT imposed on private school fees. • Business-rates relief removed from private schools. • Stamp Duty increased on second homes and buy-to-let properties. • The Furnished Holiday Lettings tax regime abolished. • Pension salary-sacrifice benefits capped at £2,000 before National Insurance applies. • The Cash ISA allowance cut to £12,000 for most under-65s. • A 22% charge introduced on interest from cash held inside non-cash ISAs. • Restrictions introduced on transfers and cash-like holdings within ISAs. • The Energy Profits Levy increased and extended. • Investment allowances for oil and gas producers reduced. • A new Vaping Products Duty introduced. • Tobacco duties increased above inflation. • Vehicle Excise Duty increased for many new cars. • Electric vehicles brought into the Vehicle Excise Duty system. • A new mileage tax announced for electric and plug-in hybrid cars. • Air Passenger Duty increased. • Climate Change Levy rates increased. • Plastic Packaging Tax increased. • A new Carbon Border Adjustment Mechanism introduced. • Making Tax Digital extended to more landlords and self-employed people. Together they represent one of the biggest transfers of wealth from households and businesses to the Treasury in decades - with no noticeable improvement in public services. Whether you're a business owner employing staff, a parent paying school fees, a farmer planning succession, an entrepreneur building wealth or simply someone trying to save for retirement... You keep less of what you earn. You keep less of what you invest. You leave less to your family. Death by a thousand cuts is becoming tax policy.