News | June 25, 2024


The below table summarises the tax policies included within the manifestos of the Conservative Party (published on 11 June 2024) and the Labour Party (published on 13 June 2024). For a more detailed analysis, please see our article “Private Client Legal Update (June 2024) – General Election: Tax Policy“.

Tax policyConservativesLabour
Capital gains taxNo increase to ratesNo pledge on rates
Retain business reliefNo similar pledge
Retain relief for main homeNo similar pledge
New relief for landlords selling to tenantsNo similar pledge
No pledge on carried interestWill increase tax on carried interest from 28% to 45%
Inheritance tax (IHT)No pledge on ratesNo pledge on rates
Retain business and agricultural reliefsNo similar pledge
Income taxWill not raise ratesWill not increase basic, higher, or additional rates
No pledge on personal allowance or tax bandsNo pledge on personal allowance or tax bands
National Insurance Contributions (NICs)Will cut employee NICs to 6% by April 2027Will not increase NICs
Will abolish main rate of self-employed NICs by end of the ParliamentNo similar pledge
Non-domsNo pledges on non-dom tax status (but note Spring Budget 2024 proposals: see here)Will abolish non-dom status and replace with a scheme for non-doms in the UK for a short period
No pledges on offshore trusts (but note Spring Budget 2024 proposals for offshore trusts to retain IHT protection if set up before 6 April 2025)Will end the use of offshore trusts to avoid IHT
Stamp Duty Land Tax (SDLT)Will not increase rates or bands1% increase to SDLT paid by non-UK residents
Council taxWill not increase bands, undertake revaluation, or cut discountsNo similar pledges
Pension taxNo new taxesNo similar pledge
Introduce “Triple Lock Plus”Will retain the triple lock
Increase pensioners’ personal allowance from April 2025No similar pledge
Will retain 25% tax free lump sumNo similar pledge
Will not extend NICs to employer pension contributionsNo similar pledge
Tax on private schoolsNo pledge on VATWill end the VAT exemption
No pledge on business ratesWill end business rates relief