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 policy | Conservatives | Labour |
|---|---|---|
| Capital gains tax | No increase to rates | No pledge on rates |
| Retain business relief | No similar pledge | |
| Retain relief for main home | No similar pledge | |
| New relief for landlords selling to tenants | No similar pledge | |
| No pledge on carried interest | Will increase tax on carried interest from 28% to 45% | |
| Inheritance tax (IHT) | No pledge on rates | No pledge on rates |
| Retain business and agricultural reliefs | No similar pledge | |
| Income tax | Will not raise rates | Will not increase basic, higher, or additional rates |
| No pledge on personal allowance or tax bands | No pledge on personal allowance or tax bands | |
| National Insurance Contributions (NICs) | Will cut employee NICs to 6% by April 2027 | Will not increase NICs |
| Will abolish main rate of self-employed NICs by end of the Parliament | No similar pledge | |
| Non-doms | No 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 bands | 1% increase to SDLT paid by non-UK residents |
| Council tax | Will not increase bands, undertake revaluation, or cut discounts | No similar pledges |
| Pension tax | No new taxes | No similar pledge |
| Introduce “Triple Lock Plus” | Will retain the triple lock | |
| Increase pensioners’ personal allowance from April 2025 | No similar pledge | |
| Will retain 25% tax free lump sum | No similar pledge | |
| Will not extend NICs to employer pension contributions | No similar pledge | |
| Tax on private schools | No pledge on VAT | Will end the VAT exemption |
| No pledge on business rates | Will end business rates relief |