Reeves has this week hired two new researchers to her Council of Economic Advisers “to advise on a range of issues in support of the government’s growth mission and delivering the Plan for Change.” Can you guess what’s coming next…
David Sturrock, associate director at the Institute for Fiscal Studies, and Emily Fry of the Resolution Foundation have joined the advisory panel with a month to go until Reeves presents her budget. They have in the last two years proposed between them a toxic cockatil of tax increases:
Fry:
- Extend the freeze of personal tax thresholds by two more years
- Raise inheritance Tax and Capital Gains Tax. Reforms to these taxes could raise around £20 billion.
- Align marginal CGT rates for shares with those on dividends, levy CGT on death and departure from the UK.
- Hike rental income and dividend tax rates.
- Greatly reduce the VAT registration threshold.
Sturrock:
- End the IHT relief for AIM-listed shares
- Levy CGT on death.
- Bring defined-contribution pension pots into IHT.
- Levy employee NICs on private pension income.
- Reduce the cap on the 25% tax-free pension lump sum.
The Treasury’s press release praises the “extensive expertise” of Reeves’ new idea people. Gulp…
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