Simon Elliott

Update: In the 27 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. • The freeze on Income Tax and National Insurance thresholds extended to 2031. • Capital Gains Tax increased from 10% and 20% to 18% and 24%. • Business Asset Disposal Relief increased from 10% to 14%, then 18% – and now its lifetime limit halved to £500,000. • Investors’ Relief raised to 18% and its lifetime limit cut from £10 million to £1 million. • CGT relief on sales to Employee Ownership Trusts halved. • Carried interest taxation increased and moved into the Income Tax regime. • Dividend tax rates increased by two percentage points. • Savings-income tax rates increased by four percentage points. • Property-income tax rates increased by four percentage points. • VCT income tax relief cut from 30% to 20%. • Most unused pension funds brought into the Inheritance Tax net. • Agricultural and Business Property Relief capped. • Inheritance Tax thresholds frozen until 2031. • The non-dom regime replaced with a tougher residence-based system. • VAT imposed on private school fees. • Business-rates relief removed from private schools. • The Stamp Duty surcharge on second homes and buy-to-let raised from 3% to 5%. • The Furnished Holiday Lettings regime abolished. • A new annual surcharge on homes worth £2 million or more. • Pension salary-sacrifice NI relief capped at £2,000 a year. • The bank surcharge doubled. • Capital allowances for plant and machinery cut twice. • Online gaming duty almost doubled. • The Energy Profits Levy increased and extended, and its investment allowance scrapped. • Vaping Products Duty brought in and tobacco duties increased above inflation. • Vehicle Excise Duty increased for many new cars, with electric vehicles brought in. • A pay-per-mile tax on electric and plug-in hybrid cars legislated for 2028. • Air Passenger Duty increased. • 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 little to show for it 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 your family’s future... - You keep less of what you earn. - You keep less of what you invest. - You leave less for your family. Death by a thousand cuts.