Wealth Check

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This week should see the publication of the main political parties’ manifestos ahead of the ?????????????? ???????????????? ???? ???? ???????????????? It’s difficult to imagine a weary UK public is waiting with bated breath to find out what they say.

However, while we don’t yet know the detail, the expected radical nature of Labour’s plans will require significant funding, and so could incorporate materially higher taxation on both individuals and businesses. The Conservatives have also made some high spending commitments which will place big demands on public funds. In short, we shouldn’t expect many tax giveaways.

A Conservative victory would signal less change in tax policy, although a Tory chancellor might be keen to revisit the high cost to the Exchequer of pensions tax relief; something that the pre-occupation with Brexit has prevented them from doing. Inheritance Tax (IHT) changes proposed by the Office for Tax Simplification could also well be reviewed.

A Labour win could see change on all tax fronts, especially Income Tax, Capital Gains Tax, Corporation Tax and Inheritance Tax.

With such uncertainty, and such big spending plans, the message for individuals planning their finances is a familiar but important one: make use of all tax reliefs and exemptions available now, if you have the means and if it is appropriate to do so.

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