Unpacking the 2024 Election Manifestos: What Tax Changes Could Mean for You

With the 2024 election drawing near, understanding the potential tax implications of each party’s manifesto is crucial. Gravita’s comprehensive report below delves into the fiscal forecasts and tax plans outlined by the main political contenders, providing you with essential insights to make informed decisions.

Key Highlights from the Report

Conservative Party:

• Abolition of Non-Dom Status: Major changes proposed for individuals not domiciled in the UK.
• National Insurance Reforms: Abolition of class 4 National Insurance by 2029 and significant cuts to employee contributions.
• Personal Allowance Adjustments: Introduction of the “Triple Lock Plus” for pensioners, ensuring their state pension remains tax-free.
• Child Benefit Changes: Increase in the income threshold for child benefit withdrawal.
• Investment Reliefs: Commitment to retain SEIS, EIS, ADR, and BRP schemes without increasing Capital Gains Tax.

Labour Party:

• VAT on Private School Fees: Implementation of VAT on school fees to fund state education.
• Closing the Carried Interest ‘Loophole’: Increased tax on private equity earnings.
• Windfall Tax on Oil and Gas Giants: Further fiscal pressure on energy companies.
• Increased SDLT for Overseas Property Owners: Higher stamp duty for non-resident property buyers.

We also cover the tax plans from the Liberal Democrats and Reform Party in our full commentary.

Why This Matters

Each party’s tax changes could significantly impact your finances, investments, and business operations. Proactive planning based on these potential changes can help you stay ahead and optimise your tax strategy. Our detailed report offers neutral analysis to guide you through these pledges.

Fill in the form below to download our full manifesto commentary to gain deeper insights into the proposed tax changes and their implications. Understand how to position yourself and your business for the future, regardless of the election outcome.

What next?

If you have any questions or concerns about any of the tax policies announced in the manifestos, please get in touch with us here.