“Deputy Prime Minister Angela Rayner’s memo to the Treasury outlines a series of proposed tax increases, many of which would directly impact savers, investors, and high earners. The suggestions include raising the bank surcharge, scrapping inheritance tax relief on AIM shares, and abolishing the £500 dividend allowance. Other proposals include freezing the 45% income tax threshold, increasing charges on enveloped dwellings, and closing loopholes in commercial property stamp duty. The memo also raises the possibility of aligning dividend tax rates with income tax and reinstating a pensions lifetime allowance, potentially at the previous level of £1.073 million. While no official policies have been announced, the memo offers a clear window into Labour’s thinking on how to raise billions in revenue, which could affect a wide range of taxpayers and financial strategies.”
Quotation by Nigel Holland.
- Memo proposes raising bank tax surcharge to 5%
- Suggests scrapping AIM share inheritance tax relief
- Recommends abolishing the £500 dividend allowance
- Calls for closing commercial property stamp duty loophole
- Proposes reintroducing the pensions lifetime allowance
#taxpolicy #labourparty #investment #pensions #ukpolitics #savers #dividends
