“Is it over yet” is the equivalent of “are we there yet” when it comes to General Elections. Luckily I was away the first 2 weeks of June and escaped the delights of politicians talking (insert own alternative description here).
Tax is always an issue come General Election time and the manifestos provide an indication of the main parties intentions, but are also silent on certain issues relating to taxes. So, what can we expect? Commitments to not increase tax rates are different to changes to tax allowances or reliefs, so we could see some adjustments to these, resulting in increased overall tax burdens for personal and corporate tax payers going forward.
Capital gains tax rates, allowances and reliefs could also face changes and not for the better as tax on capital gains has been increasing over the last few years with the reduction in the annual tax free capital gains exemption.
The Labour manifesto does not mention any changes to Inheritance Tax rates or pensions which will be of concern to many, including those in their own party.
Every political party has a wish list of what they would like to do, but the reality of being in government and the current state of the public finances will become apparent early on. Given that we have had over 14 years of a Conservative government, we may see some radical changes but can only hope that they are thought through and budgeted for.
If you have any concerns as to the impact of a possible change in Government then you may want to take action before 4 July 2024.
Whether happy or not with who wins the election, we could always console ourselves with a bet on the date of the first Budget after the election. Remember, please gamble responsibly or know the date in advance of placing your bet.