Labour's Tax Plans - be prepared - how they could impact you

Labour's tax plans could mean increases in taxes for many people. To optimise your tax planning for a better retirement go to ianshadrack.com/retirement-ca...
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If income tax, corporation tax and national insurance won't be raised then some of the lesser taxes could have sweeping changes. HMRC connect is a supercomputer that snoops on you to make sure your tax return captures all your sources of income.
This could mean that landlords and wealthy pensioners could be massively worse off.
Tax in the UK
In 2023-24, total UK government revenue is forecast to be £1.06 trillion, or 41% of gross domestic product (GDP). The primary source of revenue is taxation, which is forecast to raise £950 billion in 2023-24, or 37% of GDP - equivalent to around £17,200 for each adult living in the UK.
Labour’s Tax Plans ……
Income Tax & National Insurance
The Labour party has pledged no national insurance or income tax rises, but they could “rebalance” these taxes lowering them for some but increasing them for others.
Lifetime Allowance
Labour have said this will be re-introduced but we don’t know the level at which it will apply. Also tax relief on pension contributions might be altered.
Tax Planning For Retirement
Inheritance tax suggests putting money in a pension, lifetime allowance suggests putting money in an isa. So it is difficult to know what to do.
State Pension
Both Labour and Conservatives are committed to the triple lock. The Conservatives will raise the personal allowance for pensioners so the state pension won’t exceed the personal allowance.
More Powers for HMRC
The supercomputer HMRC Connect tracks down a staggering amount of information, taking Big Brother surveillance to a completely new level. HMRC is now beefing it up by adding machine learning artificial intelligence (AI) technology, too. It will compare its data with the information on your tax return, and hone in on any discrepancies. This would include data held by your bank and your stockbroker. It can check all your trading activity on platforms such as eBay, Gumtree, Etsy, and Vinted.
Labour plans to spend up to £855 million to bolster the number of tax compliance officers by up to 5,000 to increase the number of investigations.
Tax on Second Homes - double council tax
The Scottish Parliament has approved powers to increase the amount of Council Tax payable on second homes by up to 100% (double Council Tax). This could be extended to England & Wales.
Taxes on Side Hustles
Starting 1st Jan 2024 eBay will pass on data to HMRC automatically if you're selling 30 or more items a year OR have total earnings over the equivalent of £1,770. eBay will automatically share this information with HMRC by 31 January 2025.
If you dispose of personal possessions for more than £3,000, you may need to pay tax on it. Have a look at Capital Gains Tax on personal possessions. If you sold stock you have purchased (even if it is secondhand), with the intention to sell online, then this is trading. If your gross turnover exceeds £1,000, then you will need to registed for self assessment as self-employed.
Dividend Tax
The dividend allowance has been lowered and people might not realise they now have to pay extra income tax
Summary
Be careful with investments in oil & gas companies and large multi-nationals. As an individual look at tax creep on dividends, come clean on your side hustles, watch for increased taxes on property investment and private pensions.
Paying tax now to have a potentially lower tax bill in the future is not a good strategy. The money leaves your pocket when it could be compounding on the stock market.
Chapters
00:00 How the Government raises taxes
00:32 Income Tax & National Insurance
00:49 HMRC connect a supercomputer that snoops on you
01:25 More powers for HMRC
01:46 Side hustle taxes
02:08 State pension
02:34 Lifetime allowance & pension tax relief
03:03 Tax planning for retirement under a Labour government
03:23 Tech Giants & Energy companies corporation tax
04:10 Capital gains tax
04:38 Inheritance tax
05:13 Tax on second homes
06:13 Dividend tax
06:38 Labour's hold manifesto
07:39 Implications of Labour's tax plans

[@IanShadrackInvesting]

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[@Walksfar64]

Labour should reverse Mr Blair's decision to allow Muslims to be exempt from paying stamp duty and council tax if they use their house for worship but not open to any other religion.?

[@rabhaw2327]

So the 20 million of them get to earn as much as they can and their wives and children get free rent etc and mega benefits also tax free and they want to tax white pensioners?

[@dereklee7958]

I might convert.

[@mwscuba]

so do you support taking away stamp duty and council tax for other religions like say the christian, catholic or Jewish faiths if they use their houses ?

[@todellery9760]

Also stamp duty Muslim don’t pay since 2005

[@mwscuba]

@@todellery9760 so do you support taking away stamp duty and council tax for other religions like say the christian, catholic or Jewish faiths if they use their houses ?

[@offgrid7837]

My son is working on a plan to get out of this collapsing hellhole that used to be England. I hope I can too. I suspect a few months of a Labour government will see plenty of others doing the same.

[@kinggeoffrey3801]

It's very difficult since brexit. We have lost our freedom to roam rights now.

[@flyhi2773]

I’m trying for a Palau digital residency and I’m going to bank off shore. They’re after the lot in the UK. We’re going Venezuela, a place I did once live in. Today we’re worse, as are our so called police. Trust me, this is a country heading for collapse and the Government is dumping law in pursuit of money. This is what happens in failing states. And the entire western world is failing and falling. It’s only going to get worse.

[@kevlahead7278]

@@kinggeoffrey3801 The only places to run too in Europe are probably on Hungry or Poland the other countries are as bad as the UK

[@jamesadey8744]

You know you country is buggered when Russia starts to look like an attractive proposition. (Seriously)

[@flyhi2773]

@@jamesadey8744 Yup. I could honestly consider moving to Russia. I’d honestly feel safer from Government there than I do in the west.

[@Amp_Edition]

Tax the politicians...thats where the double standard stiff arm comes out.

[@mosheridan7016]

Taxes are too high and the waste is unbelievable

[@tomrusack3266]

There is no such thing as a fair share of other people’s money!

[@Isclachau]

Basically the working man pays more. Just say it like it will be.

[@AJ-hi9fd]

All well and good paying tax if you can access the services paid for through your taxes. I cannot get a GP appointment, I’ve wait 14 months to get an appointment with an endocrinologist, now I’ve been offered a telephone appointment! and I’ve not had access to an nhs dentist for years. Where are my taxes going?

[@well-blazeredman6187]

The tax-burden on the country is too high. Increase it, and GDP growth will be squeezed out of the economy, meaning less money available for public services over time. Labour never understood this, and the Conservatives have forgotten it.

[@ianl1052]

The difference is, Tories waste taxes by filling the pockets of friends, family and party donors which, as you rightly say, is a drag on GDP. Labour, however invest it on education, NHS and vital infrastructure. A healthy, educated population and fit for purpose infrastructure especially resurfaced roads will boost our GDP. This has been proven time and time again.

[@robertadowns217]

Vote Reform and keep Labour out!!!

[@mwscuba]

lol that worked out well on the 4th

[@thesheperd7567]

Labours in, explain yourself.

[@flyhi2773]

It’s worse than this….I’m due inheritance. Becoming suspicious, joining up dots I began to think we ain’t going to see our pensions so applied to cash them in….so far I haven’t managed to get it seven months after applying. I became suspicious after it took 6 months to cash in premium bonds worth 10,000. From what I can gather, they’ve spent it. This is where some of the 1 trillion debt is. They can’t afford to pay us back our money!!! So considerable effort is made not to. My mother passed almost exactly one year a go. June 2023….. the money from the house sale??? I honestly wonder if I’ll ever see it. My belief is, they’ve spent it. They can only repay it by printing money. This happened in Nazi Germany too. It’s why post war the Reichsmark was replaced with the DM at a rate of 10 to 1. Expect similar with the CBDC. The Great Reset. Probably combined with mass nationalisation of your assets. I can see why they brought in compulsory pensions….it was a stealth tax. They stole it….This is Nazi tactics…guns not butter. They forced them to save in Post office savings accounts they then converted into Govt bonds!!! In reality, they stole it. They could only pay it back by printing money.

[@garyb455]

For the Labour Party, however, raising taxes is in its DNA. It sees working families as little more than a cash machine, to be raided as it funds its utopian projects. It does not understand aspiration, and many of its MPs enjoy wallowing in the politics of envy. The financial security of British households would come second to net zero and the unions. It has also revealed deficiencies in its approach to prioritising spending. Labour has failed to match the Conservatives’ commitment to raise defence expenditure to 2.5 per cent of GDP by 2030, and has now declined to say whether the Metropolitan Police would receive additional funding to deal with the shocking levels of crime in London. It is a dispiriting summary of the price Britain would pay for a Starmer government: higher taxes for a more dangerous country.

[@Kalarandir]

Are you serious? Every Tory government has raised the the overall tax burden. They go into every election cutting taxes only to raise them again if they win. It was Labour who lowered VAT on fuel and VAT in general, only for the Tories to raise VAT right back up again. It is the Tories who will cause the state pension to actually fall into the lower tax bracket. It was the Tories who promised to remove VAT on fuel when we left the EU, I am still waiting. As for the military, it has been successive Tory governments that have dismantled our forces year after year. There is a myth going about that the Tories are good for the military, when the opposite has been the truth because the client Tory media does not mention Tory military cuts but scream from the rafters about made up Labour policies that bear no foundation in facts. The Tories can promise all they want, and only a fool would believe them given their record on broken promises. Promising 2.5% is just another Tory lie to fool the gullible. Tory promises are one thing, but the reality is another. However, what is a reality is a shifting of the tax burden from those who have to those who don't.

[@fje1948]

Hang on, I am not Labour lover either in principle. Having said that, what the Tory party has done to this country is unforgivable…. Vote them out!

[@DS-cf1zc]

@@fje1948 Be very careful what you vote for - the last Labour government was far worse for me than the current crop of incompetence in terms of tax and spending plans.

[@pip1723]

Last Labour government a record of 10 year's consecutive economic growth and it's the conservative government that have trebled the national debt and taxed us at the highest rate for 70 year's with little to show it .

[@patarciepaul]

What a load of codswallop.

[@geoffwright9570]

They should print a wealth warning on voting slips for every labour candidate

[@bryanward7903]

WAKE UP THEY NEVER EVER DO WHAT THEY SAY ANYWAY.

[@knowledgeseeker5499]

Taxes, taxes and more taxes 😢

[@jonibz1456]

Conservatives should have borrowed more when is was cheeper and reinvested into the country, but rather than that, George Osborn when crazy with austerity which hit hard and the divide got bigger. I would say thats the reason the county is in such a state today. It's going to take a long time to reverse. In the meantime the U.K. is very generous with how investments are taxed.

[@Yossarian-uj9dh]

​@@jonibz1456 The irony was that the government were still borrowing even then, just at a slower rate. So called 'austerity' was actually nothing of the sort.

[@kevenharlow]

We want more, more and more but are not prepared to pay for it.

[@UKGeezer]

@@kevenharlow No, we just want the services we already pay for through the nose but are not getting.

[@stephenford2758]

In 2010 only 650 Billion in debt and a AAA credit rating. 2024 2.75 TRILLION in debt and a Aa3 credit rating. You can't trust the tories with the economy

[@Britishpatriotrulebritania]

You can't trust any politicians with the economy Labour/Tories what's the feckin difference

[@Benzknees]

You're omitting to mention the 300bn in PFI debt, 4.8bn in unfunded public sector pensions liabilities, 1trn in reduced taxes due to the post 2008 economic contraction, 837bn in QE to correct the after effects of the bursting of the 1997-2007 housing bubble, and 410bn to come on covid measures that Labour fully agreed with.

[@stephenford2758]

@@Benzknees The pandemic board that Boris abolished. Brexit that cost Britain Billions.

[@stephenford2758]

@@Benzknees The billion wasted on PPE becuase Boris ended the pandemic board. Brexit which has crippled Britain

[@stephenford2758]

@@Benzknees You are forgetting the the lost taxes because the Tories have allowed tax evasion, the 10's of billions in giving chronies contracts in lockdown. The fraud the tories refuse to investigate. The fact that 1 fifth of the working population are economically inactive. The 2008-2009 financial crish was a GLOBAL financial crash. In 2010 we had less debt per GDP than U.S, Germany and Japan, and had AAA credit rating.

[@markevans3488]

Chasing you on EBay now then ? I’m having a clear out, will be listing more than 30 items that I have bought using my money that I have paid tax on . What I sell them for will be a fraction of what I paid for them , and if it goes over £1770 ( quite likely) then they will want me to pay tax on it. Unbelievable. So can I get relief on the money I have lost on each item 🤔 . Not bloody likely

[@kevenharlow]

If you are having a clear out and not "trading" then no tax is due. You shouldn't believe all the social media nonsense, just read the HMRC website for the facts

[@johnwarren9112]

Everyone should be paying council tax 👍

[@Magicspark2366]

REFORM all the way 20k Threshold will make a huge difference to hard working people in this country!!

[@simonstones1918]

So basically continue to tax us to the point of thinking sod it, I’ll be a Labour dosser!

[@ashleymarden6927]

Should that read labour tosser?

[@stevantunic511]

The last time they got in they slashed tax free savings allowances and raided pension funds, strangely not mentioned in their manifesto. I was 27 at the time, those changes have added years to my retirement date. Wonder what they're going to do this time, probably the same and I'll be working until I'm 90.

[@IanShadrackInvesting]

And they sold gold at a knock down price

[@andycampbell193]

I think you might be forgetting the last 13 years where our country has been torn apart by short term decisions and lack of vision. Labour do not have a monopoly on poor decisions. May I remind you about Brexit, billions on new gas pipes for hydrogen which cannot happen for GCSE science lessons and paying your mates billions during Covid.

[@pip1723]

Sold the gold at a knock down price .....small change to the billions the Tories have squandered .

[@stevantunic511]

@@andycampbell193 The damage is done in the early years of investing. I lost out on decades of compounded interest on the money they thieved.

[@ianjames3078]

How did they add years to your retirement date?

[@andyneuman7871]

They are also considering applying stamp duty on currency transactions so when you exchange your pounds to go on holiday you will pay tax.

[@iancampbell3202]

Just robbing Bast @ rds

[@desperatelyseekingfi]

Thanks for sharing. Think it’s going to be an interesting next few weeks as we hear all the manifestos

[@tancreddehauteville764]

Nobody wants to pay taxes, but then again public services need to be funded.

[@dominic8218]

Interesting times ahead Ian!

[@kennethknight7870]

why dont tax payers who pay themselves dividend pay the same as income tax payers

[@AgileSnowWeasel]

Got to wait for the manifesto really, but money needs to be raised. Corporation Tax is an obvious place to target, but there's still not a lot of room there. I wonder if they'll do the income tax band revamp - hopefully not damaging single-higher-earner-households in the process. I could see a new 30% rate of tax from £45k to £60k, 40% from £60k (and NI bands similarly adjusted), and 45% from £75k, removal or adjustment of the allowance clawback, and 50% at £120k - but they can unfreeze the thresholds to soften the blow. Maybe bring back the 10% band. The other way out of this rut is GDP growth, which is rather hard in the corner the country is in right now. Pension contribution limit will surely be dropped - £60k is an outlier amongst peer nations. Perhaps they could extend the pension contribution window to 5 years from 3 to allow for one-off windfalls. Back to £40k I imagine, this won't affect many. There are also rumours of a flat 30% tax relief on pension contributions - helping lower earners at the expense of higher earners - pretty harsh for those who have just got to that level and were going to use it to finally boost their pots - what will they soften the blow with here?

[@Harassed247]

Anyone who votes LIEBOUR deserves everything they get. I hope the Muslim and LGBTQ will be happy with this outcome. I remember when the Conservative got in 14 years ago after a Liebour government and they told the Cons there's no money left, well here we go again! If you have any sense or a brain cell you'll vote Reform.

[@MAXERNEST]

I am totally not going to vote for labour ,but i reckon Starmergeddon will be here on the 5th of July :} beam me up scotty beam me up :}

[@patarciepaul]

FO then loser.

[@4is4]

Labour taxing and spending till they run out of other peoples money that is not so much a shock but an expectation.

[@philiphockey7996]

New labour's national debt when Gordon brown left office was 770 billion. Jeremy hunts national debt legacy is going to be 2.4trillion so who's the party of physical responsibility 🤔

[@bermudarailway]

​​@@philiphockey7996And now it will get worse ,they will just pick up the batton and keep running.

[@ianl1052]

Tories have increased taxation to its highest level since WW2 disproportionately affecting low earners while increasing loopholes for millionaires/billionaires and foreign corporations. Labour plan to readdress this, putting the tax burden on those who can afford it instead of those who can't. Additionally, historically, Labour spends taxes raised on investing on infrastructure and the NHS which all helps boost the economy instead of syphoning tax payers money into the pockets of millionaires/billionaires and foreign corporations who go on to hide their wealth in offshore tax havens. Wealth tax? bring it on. Cut back on tax avoidance/tax evasion? bring it on. VAT on private schools to help finance public schools? bring it on. Making the likes of Amazon and Ebay etc pay the same amount of taxes as high street businesses to help restore our towns and cities? bring it on. Proper windfall taxes for (mostly foreign owned) energy giants and oil companies who have been fleecing customers and consumers since the Russian invasion of Ukraine to invest in home grown green energy making us less reliant on foreign energy? bring it on. Vote Labour or vote tactical.

[@user-lg3td2ob9t]

Not one of the big parties can run this country they both have destroyed the NHS our trains what I suggest is we ask the Japanese to run out trains and manage the NHS they would lower the cost on both get rid of the house of lords and have term limits in government

[@andyneuman7871]

Dividend tax is income tax so if Liebour change that they have lied. Dividends are taxed under the Income Tax Act 2007. Enough said.

[@kenfawcett4565]

Oh for God's sake what's the tax now the highest since when , you lot have had 14 year's.

[@iantobanter9546]

Second home council tax applied in Wales under Liebour at the moment. What about the likelihood of updating council tax values in England as they've done twice in Wales since 2003? English Buy to letters should also dread the imposition of the Welsh Liebour Rent Smart licensing scam and attendant fees and charges..

[@ianjames3078]

Heaven forbid a country should want to try and manage housing stock to make it affordable for local workers. You know the 2nd house ct rate income is designated to local improvements?

[@stevenmaddock4237]

What a happy place we live in

[@Saturn8Me]

It doesnt matter what party you lean to. These are asset holders that all have plans on how to increase their assets. Assets in which we are funding from our own survival. They were and never will be for the working class.

[@patchpeek]

They are going up mate. >>> Property is under taxed. >>> Private pension tax relief too generous >>> CGT 'looks' too generous. >>> Gonna need many "green taxes" to achieve "Net Zero".

[@dereklee7958]

BS

[@bermudarailway]

I take it you don't work.

[@jamesroutledge9639]

Balancing a budget is must to mitigate inflation. Spending money on NHS, infrastructure is useless as the budgets will be blown. Labour do not care about the working person.

[@roberteveleigh642]

Every generation has to learn the hard way what voting for a Labour Government actually means. In a strange way, I'm actually looking forward to it. The smug, no nothing millinials need a life lesson.

[@rabhaw2327]

Steath taxes will be the least of your worries when they get in. Wthin a few months your freedom of speech will be taken away as well the way things are going and your physical freedom will also be affected in my opinion, I might be wrong time will tell.

[@hubblescope1967]

It's this conservative government that have eroded our freedoms

[@nicks4934]

Hunt has already factored in spending cuts to fund his ni cuts.

[@TheCosmique11]

Great summary! Thank you so much. Do you think it makes sense to move my pension funds via QROPs to India where there is no inheritance tax.

[@IanShadrackInvesting]

Sounds a bit risky to me. No inheritance tax on pensions in the UK and lifetime allowance has been shelved for now.

[@user-cs1dt2xw4c]

Voting for any of these main stream parties is the same as having a ball and chain around your neck .

[@derekjarman5156]

Does anyone know how many people have exercised their right to take 25% of their pension funds prior to the election

[@nicholasripp386]

So you describe what is happening now. Why is more tax inspectors a bad thing? unless....

[@bashh568]

Thanks Ian. What do you think about Pension tax relief, especially for higher and additional rate taxpayers, is that at risk under Labour?

[@IanShadrackInvesting]

Yes at risk. No firm plans have been given at the moment

[@steveholmes381]

But Rishi says they have no plans, I'm confused !

[@MarlonKingShow]

What is the point in even working, i hate people living off the system, but this just sounds like doom and gloom. Like double council tax, the council tax is a service for the house, there is no double bin collection or anything else. Its just taking peoples money for the sake of it. I wonder at which point people will start using cash more again.

[@martinf1736]

VOTE REFORM THEN IF YOU DONT LIKE TAX 😊

[@kolynegordon9364]

Bet one of the stealth taxes will be William 3rd window tax !!!

[@kennethknight7870]

what about dividend tax

[@jimoconnor2594]

I've heard they are going to tax the on line shopping companies big time

[@michaelwhite8031]

They are talking about raising council tax to.

[@hubblescope1967]

Councils raise this tax every year, they have to get government approval if they wish to increase above inflation

[@phil2443]

That is the biggest theft of peoples money. You pay Income/dividend tax and then you pay council tax after you have already paid tax on the same money! Disgusting and dishonest!!

[@keithmartland6463]

So if you bought something a while back and then sell it on Ebay for less then what you bought it for, you will have to pay tax on it? and their going to spend 800 million to employ 5 thousand tax inspectors, everyone needs to vote REFORM UK

[@airdog1829]

Yep, they'll carry on charging income tax on the money people need to pay their rent with! Apparently, that's the fault of landlords, as is rising council tax, high interest rates and the cost of petrol and utilities. 🤔

[@BenJ2020]

Ill be voting for reform!

[@philnotley5138]

Every tax rise affects you because no one pays it they pass it on in prices on food housing fuel everything to the lowest person in the food chain who can’t pass it on

[@psy-op]

I wonder if theyll tax all the foreign car wash people and investigate all the kurdish and Turkish barbers that are popping up everywhere.

[@vaasa1000]

Surely the 40% and 45% pension tax relief for the wealthy is unfair when most people only receive 20%. Why not balance this out with the same percentage of tax relief, say 30% for everyone - that seems fair to me!

[@phil2443]

Yep I agree with that. Lets make it 20% across the board!

[@user-cs1dt2xw4c]

Voting for any of the main stream parties, is the same as having a ball and chain around your neck .

[@vbsbkjer2]

Have a think people, money and how does it work? Why is it that only rich people have the most of our money. They only pay a small proportion on income tax than poor people pay. What we need do, is raise tax from Wealth, not income. Raise money from halving the amount BOE charges interest on printing our money after this government gives it away to themselves. Our gov wanted to level up, wrong or they would have equalised the amount of property rates between the north and south. The south only pay 0.1 % whilst the north pays 1% a factor of 10 difference, you need to wake-up you people and think outside the box.

[@SuzanneJones-qy3zh]

Tories bandying thier poison as usual

[@ianjames3078]

The joke is all the middle earners thinking the Tories help them……don’t delude yourselves, you’re not rich enough to be in their inner circle gang.

[@jocar-1735]

The abolishment of the pension lifetime allowance by the Tories certainly has helped "middle earners" keep the pension that they have saved for over the decades. Having said that the LTA if not reduced drastically by the Tories over several years would not need to have been abolished !

[@Benzknees]

If HMRC have detailed records of second homes & tax paid on them, how come Angela Rayner's tax avoidance was only uncovered by a political rival 9yrs after the second home was sold?

[@IanShadrackInvesting]

They didn't have the computer 9 years ago

[@Ruth-ff7jw]

ANYONE WHO VOTES LABOUR, WILL LIVE TO REGRET IT DEARLY. 😢

[@gladyssannahmthombeni6501]

We will quite our jobs and go for benefits

[@garycarder2694]

You all need to vote for the taxfree party 🤦

[@TroyaE117]

Spending is too high.

[@leobrown6875]

I pay top tax .business owner are getting pushed more and more .get everyone to pay tax the grey market is out of control and we are waisting money on rubbish

[@user-bl6kx5ev7x]

I’m just waiting for starmer to tax my pension to death when I retire next year

[@ianjames3078]

About time we started having our tax used in the right areas not funding the Tories and their mates.

[@user-si7fj5rh5u]

Yeah and rainbow police cars and road crossings.

[@hughspalding6932]

Either way they have five years ,thats if they do well if not oblivion the last of the conning political parties found out and chucked out for good .

[@billymorris-watts3766]

Reform 🎉🎉🎉

[@stevenholt824]

The rich get richer , the poor get poorer , capitalism!

[@bermudarailway]

If we are going to be paying all this tax lets start by paying off the national debt.

[@phil2443]

And stop the BOE charging the government interest on the money they have just printed!

[@lesleylamy]

Rubbish, look at the tories gives you triple lock then take away with stealth tax that’s the real cons.

[@petermizon4344]

LOW TAXES MEAN MILLIONS MORE POTHOLES

[@lkearney7299]

Really? We currently have high taxes and a great many potholes.

[@dereklee7958]

Where is all the car tax money going.

[@phil2443]

@@dereklee7958 Foreign Aid, Immigration costs, House of Lords, MP's expenses!!!!!

[@royterry8927]

vite reform

[@MickyOTW]

Great - terrible all round 👍🏼

[@laurenceteague4099]

To read some comments here you would think the Tories have cut taxes whereas the tax burden is a record high. Labour will need to raise so e taxes to repair our detroyed public services. Most taxes highlighted here have my full support - cant wait till 5th July

[@phil2443]

No. The tax pot that they receive needs to be more fairly distributed in the first place.

[@nicks4934]

Zahawi stole £5million

[@ianjames3078]

If you’re holding oil and gas stocks have a look at your ethics rather than worry about Labour

[@MAXERNEST]

Can i ask do you drive ? if so then you use the products associated with the energy companies ,

[@lkearney7299]

Really - oil and gas which has lifted so many people into a more comfortable lifestyle, enabling people to be healthier and live longer? Oh and CO2 doesn't make the climate change.

[@ianjames3078]

⁠​​⁠progress doesn’t stop……once you have better, healthier, cleaner technologies you move onwards to them. Investment changes. Should we have stopped at paper for communication? The landline? Old medical treatments have been usurped by better ones increasing life expectancy. Are you still using a typewriter? As for the CO2 comment, that really doesn’t deserve response. Invest in greener tech, oil and gas would have bottomed years ago if not for the cartels.

[@ianjames3078]

⁠@@MAXERNESTwe are all using plastics, nothing is perfect. I have diesel, petrol and electric vehicles. 95% of my miles have been fully electric since 2012. I don’t directly invest, but of course all consumption creates demand creates value. If we demand alternatives though their value will grow whilst the fossil fuels decline. You choose.

[@MAXERNEST]

@@ianjames3078 ok ,tbh i dont drive ,never owned a vehicle , although i did take lessons decades ok, , had to give up, young kids,life etc :} its boils down to choices in the end , i wish you well :}

[@jasonlewis4686]

Ian so much wealth has gone to the already very wealthy and the whole system has become horribly imbalanced. The gap between rich and poor has never been so great. Your video is pure speculation but one thing is for sure, the days where unearned income is taxed at lower rates is gone. I am not worried one bit as we will all be better off under a fairer tax system.

[@chrisgray1372]

That 'unearned income' is generally money that's already been taxed. Instead of spending it, investors buy assets that may increase in value over time. That's why it's taxed at a lower rate. Increasing the taxes due merely increases the set-against rate for losses.

[@kw8757]

We won't all be better off. The "unearned income" is often money that many people work hard for, pay tax on and then invest in the hope of improving their own prospects for their futures, there's no guarantees that will happen, investments can fall in value too, or they can just stagnate and give poor returns, that's the risk of investing. You sound like a typical socialist who can't wait to get their grubby mitts on other peoples money.

[@jasonlewis4686]

@@chrisgray1372 the problem is that the rich reinvest their profits instead of spending it and putting the money back into the economy. The exact reason why the Truss budget was an epic failure - trickle down doesn’t work. I appreciate this is a complex economic issue but something needs to be done to reduce poverty.

[@chrisgray1372]

@@jasonlewis4686 History has demonstrated repeatedly that you don't help the poor by taxing the rich more. We already have an unequal system where the top 1% pay almost 30% of the tax take and the bottom 50% are existing solely on other's tax contributions. You help the poor by ending a benefits dependency culture.

[@jasonlewis4686]

@@chrisgray1372 I think our opinions may be opposing, so I will end the discussion here!

[@pip1723]

I've no problem paying taxes what I do object to is Tory government squandering them so if means more taxes spent on infrastructure ,nhs and social care so be it ,we'll all benefit in the long run ...it depends on what sort of society we want ....

[@dereklee7958]

To late it's 3rd world now me duck.

[@Isclachau]

😂😂He wants to pay more tax provided it’s not squandered. 😂😂. Some people , you do wonder about their intelligence .

[@pip1723]

Correct I want to pay more tax ....I can afford it .if it means a more equal society what's that got to do with intelligence ...

[@Isclachau]

@@pip1723 Fascinating .Tell me in what way you paying more taxes equals a fairer society, This will be fun..

[@pip1723]

What's the point .

[@igavinwood]

What a load of fear mongering twaddle. Just cutting the tax loop holes will generate a huge sum of money and employing the extra HMRC staff will be used to gain the most from chasing down the richest tax dodgers. The likes of some individual with ad-hoc income from online sales or airbnb is not the priority. Or is your argument to spend more to return less? Utter nonsense.

[@LG-jn5fx]

If you pay attention then it is obvious that the incomng Labour government is going to make capital gains tax far less beneficial than it currently is and that is a great thing. Example - Banker earns 200k in salary and then 1million in shares as a bonus, They pay income tax for 200k at 45% then the 1million is taxed at 28% ....if they realise them at the time , if they do not then taper relief kicks in and they pay less tax each year they hold them. This system is totally unfair to all that are in the PAYE class.

[@phil2443]

Your example has nothing to do with Capital gains Tax. That's income and dividend tax your talking about. It's unfair to pay capital gains tax as you take the risk to make the gain. It's more like an inflation tax on top of the inflation!!!!

[@lukecooper3443]

I cannot wait for labour government good riddance tories

[@stephenford2758]

In 2010 only 650 Billion in debt and a AAA credit rating. 2024 2.75 TRILLION in debt and a Aa3 credit rating. You can't trust the tories with the economy

[@kevenharlow]

At least the Tories didn't sell the UK's gold reserves at an all time low price.