{"id":14866,"date":"2024-06-22T09:00:06","date_gmt":"2024-06-22T06:00:06","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=14866"},"modified":"2024-06-22T09:00:06","modified_gmt":"2024-06-22T06:00:06","slug":"does-labour-plan-to-raise-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=14866","title":{"rendered":"Does Labour plan to raise capital gains tax?"},"content":{"rendered":"

<\/p>\n

Labour could have stealth plans to raise Capital Gains Tax (CGT), the CEO of a leading independent financial advisory and fintech warned, after Labour soared ahead in polls, positioning Sir Keir Starmer\u2019s party for a landslide victory on July 4.<\/p>\n

This means analysts are ramping up scrutiny on how it is to fund its ambitious public service improvements, said deVere Group\u2019s Nigel Green.<\/p>\n

\u201cLabour is expected to secure a substantial majority, giving the party enormous political leverage to implement its policies agenda with minimal resistance,\u201d he said.<\/p>\n

\u201cThis situation positions CGT as low-hanging fruit, a quick and effective means to generate the revenue needed to help pay for Labour\u2019s extensive manifesto commitments.\u201d<\/p>\n

\u201cLabour has promised that it would not increase income tax, national insurance and VAT \u2013 three major taxes \u2013 but also outlines critical plans to address issues such as homelessness, higher education funding, adult social care, and local government finances. These all require substantial funding,\u201d the deVere Group chief executive said.<\/p>\n

\u201cThe money has got to come from somewhere \u2013 and we expect that an increase in CGT will be a prime target to help plug the gap.\u201d<\/p>\n

Green cautioned investors to be acutely aware of the impact this could have on their financial plans.<\/p>\n

\u201cThe introduction of higher CGT rates could occur shortly after Labour takes office, possibly during an Autumn Statement.\u00a0Many investors will be reviewing their portfolios immediately and considering tax-efficient strategies to mitigate impacts on their wealth.\u201d<\/p>\n

Explore options<\/strong><\/h4>\n

The deVere Group strongly advises clients to consult with their financial advisors to explore tax-efficient options and portfolio adjustments.<\/p>\n

Green emphasised that experts will be able to provide crucial advice during these turbulent times.<\/p>\n

\u201cSafeguarding your investments against potential tax hikes is essential. Don\u2019t wait until it\u2019s too late \u2014 proactive planning is key.<\/p>\n

\u201cThis includes considering tax-efficient investment vehicles, rebalancing portfolios, and potentially realising gains under the current CGT rates before any changes are implemented.\u201d<\/p>\n

With an expected landslide victory \u2013 even Rishi Sunak is on track to become the first sitting prime minister to lose their seat at a general election \u2013 Labour would have the mandate to pursue these strategies vigorously.<\/p>\n

The significant financial burden of their pledges makes CGT an attractive target for generating necessary revenue. The speculation around a CGT increase is intensifying as public finances remain severely constrained.<\/p>\n

Green concluded that, \u201cthe combination of Labour\u2019s anticipated electoral success and the need to fund their extensive policy proposals makes a CGT increase a real possibility.<\/p>\n

\u201cPreparing for this scenario now can help mitigate potential negative impacts on your financial future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Labour could have stealth plans to raise Capital Gains Tax (CGT), the CEO of a leading independent financial advisory and fintech warned, after Labour soared ahead in polls, positioning Sir Keir Starmer\u2019s party for a landslide victory on July 4. This means analysts are ramping up scrutiny on how it is to fund its ambitious … Read more<\/a><\/p>\n","protected":false},"author":4,"featured_media":14867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[9498,6862,6981,8726,82,405,1600,7442,201,8219,84,304,4081,1957,415,1109,9184,7905,2294,3398,1823,7818,2841,2753,3752,3404,2796,12407,839,5865,2377,12118,148,2779,12050,34,2628,86,4593,5328,4833,5863,9350,10803,1792,3822,5612,1958,5194,4441,6386,1959,840,1827,3773,1065,4222,1183,10034,2463,4560,11722,18],"class_list":["post-14866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-ambitious","tag-capital-gains","tag-capital-gains-tax","tag-ceo","tag-devere","tag-education","tag-election","tag-elections-2024","tag-europe","tag-finances","tag-fintech","tag-funding","tag-future","tag-general-election","tag-government","tag-higher-education","tag-homelessness","tag-impact","tag-income","tag-income-tax","tag-increase","tag-insurance","tag-introduction","tag-investment","tag-investments","tag-investors","tag-issues","tag-keir-starmer","tag-labour","tag-labour-party","tag-landslide","tag-landslide-victory","tag-local","tag-local-government","tag-mandate","tag-markets","tag-money","tag-nigel-green","tag-office","tag-party","tag-policy","tag-polls","tag-portfolios","tag-positions","tag-prime-minister","tag-public-service","tag-revenue","tag-rishi-sunak","tag-safeguarding","tag-service","tag-situation","tag-speculation","tag-starmer","tag-statement","tag-sunak","tag-tax","tag-tax-hikes","tag-taxes","tag-vat","tag-vehicles","tag-victory","tag-wealth","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nDoes 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