Caroline Miller
- Partner
- Private Client
General Election 2024 tax policy comparison table of the conservative and labour manifestos
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 |
Meet the team:
Matthew Braithwaite
- Partner
- Private Client
Nick Mendoza
- Partner
- Private Client
