Election results in: What will be the effect on your tax bill?

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So, the election results are in and the Labour party won the country’s mandate to form a new parliament. What could that mean for the tax you pay?

Will there be an emergency budget?

Labour will likely set out their initial plans in an ‘emergency’ budget. This is unlikely to happen before September or October as the Office of Budget Responsibility (OBR) will need 10 weeks to prepare independent forecasts on the plans.

Further details will no doubt emerge over coming weeks, but here’s a review of what looks likely in the main tax areas based on their manifesto.

Income tax changes

National Insurance Contributions (NIC)

Business tax

Corporation tax

VAT

Capital Gains Tax (CGT)

Inheritance tax

Stamp duty land tax

If any of these changes affect you in any way, please contact us and we will be pleased to give you personalised advice. As your tax advisers, we will continue to keep you up-to-date on tax changes so that you can plan your affairs to minimise paying tax.