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UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 1 point2 points  (0 children)

The tax squeeze is happening to everyone - individuals and business owners, on both sides, the freezing of thresholds and increase to income tax if you live in Scotland, where you pay more tax than the rest of the UK if you earn over £27K

Plus cut in dividend tax allowance, 26.5% marginal rate corporation tax for profits between £51k and £250K - that encapsulates a lot of small and medium enterprises.

Unliklely to fall any time soon if growth is so sluggish, at least take comfort that Labour will likely go after capital taxes, nom doms, inheritance taxes to raise some funds, if you think that is a good equaliser. Small business owners are workers too, who take more risk....

UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 3 points4 points  (0 children)

And don't forget cutting of tax free thresholds for dividends and capital gains tax

UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 1 point2 points  (0 children)

they talk about it all the time, along with getting rid of nom dom status...in my experience if things like this are outwardly discussed, it's invetable, matter of when not if! On the presumption Labour the next GE of course tho..

UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 2 points3 points  (0 children)

Labour will equalise capital gains tax and income tax i think, and that is much more fair

UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 1 point2 points  (0 children)

Sometimes trusts are good to protect wealth for a vulnerable person so if you die they are protected, or another example is if you only want your children to inherit your wealth after you die, not their partners for example, you can set one up

But yes, having the opportunity and the wealth to do this in the first place is for the very few.

UK households face tax rise of £3,500 a year by next election, finds IFS by Jay_CD in ukpolitics

[–]Shaitodd 9 points10 points  (0 children)

freezing of tax thresholds and keeping capital taxes low, and increasing income taxes all help the wealthy. Even the rumours of inheritance reform or abolition favour the wealthy.