What individuals can expect from a Labour government

Labour has generally sought to reassure individuals, particularly working people, that it will not impose any new tax increases on them. However, there are some groups, notably non-residents and private equity executives, who face considerable uncertainty about the impact of Labour’s policies on their tax affairs.

Apart from saying it would end the use of offshore trusts to avoid IHT, despite speculation in the press, the final manifesto made no mention of IHT relief or rates. Similarly, apart from a reference to Private Equity, the final manifesto made no mention of Capital Gains Tax (CGT) and the current government has given no indication that it is considering increases or changes to CGT or IHT. But as we have seen with previous governments, will Labour copy ideas and proposals from someone else?

With Labour’s first budget due in the autumn (the exact date will be announced in the next few weeks), we expect it will be at least a few months before we know anything more for sure.