Labour Fails to Publish ‘Business Tax Roadmap’ It Promised in Manifesto – Guido Fawkes

Labour has still failed to publish its “business tax road map” despite making loud promises prior to the election and pledging to in the manifesto. Wonder why…

Reeves said in a speech at Jaguar Land Rover on 28 May 2024:

“Stability must mean something else too – and I have heard time and time again from business how important this is: Certainty in our tax system. Which is why we have committed to the publication of a business tax roadmap covering the duration of the parliament, within the first six months of a Labour government.”

The manifesto said: “We will publish a roadmap for business taxation for the next parliament which will allow businesses to plan investments with confidence.” Pretty clear language there…

Alongside the October budget the Treasury published a corporation tax roadmap, which is something different. There are at least another 15 significant business taxes before you count smaller sectoral business taxes like landfill tax, plastic packaging tax, and the aggregates levy that apply to specific industries. Guido has made a handy list of those other business taxes below…

Co-conspirators may remember Reeves’ subsequent promise not to increase taxes on business again last November:

“I faced a problem, and I faced into it…we’ve put our public finances back on a firm footing, and we’ve now set the budgets for public services for the duration of this Parliament. Public services now need to live within their means because I’m really clear, I’m not coming back with more borrowing or more taxes.”

Businesses have none of the certainty promised by Labour and the prospect of more taxes in the upcoming omnishambles budget. No roadmap – Reeves fancies keeping each fiscal event a surprise…

Anna Leach, Chief Economist at the Institute of Directors, tells Guido:

“The government’s tax strategy for business still feels like a work in progress. Last year’s corporate tax roadmap was a step forward, with welcome commitments on freezing the corporation tax rate, capital allowances and R&D reliefs. But you simply cannot claim to be delivering stability and predictability alongside a steep rise in the tax burden on business. Businesses have been clear: they want certainty, predictability and consistency in the tax system. Instead, the practice of floating tax ideas in public is fuelling damaging uncertainty at a time when confidence is already at record lows. We urge the government to end this approach and work with business to design a tax system that raises revenue effectively while supporting investment and growth.”

The Treasury did not reply to a request for comment. Telling…

Read some of the other business taxes below:

• Capital Gains Tax (CGT on business disposals)
• Value Added Tax (VAT)
• Employer’s National Insurance (NICs)
• Apprenticeship Levy
• Business Rates
• Stamp Duty Land Tax (SDLT, commercial)
• Annual Tax on Enveloped Dwellings (ATED)
• Customs & Excise Duties
• Digital Services Tax (DST)
• Bank Levy / Bank Surcharge
• Petroleum Revenue Tax / Supplementary Charge
• Climate Change Levy (CCL)
• Carbon Price Support
• Withholding Taxes
• Dividend Tax (for owner-directors)