Categories: UK

Keir Starmer suggests tax hikes on asset income | Autumn budget 2024

Keir Starmer hints at potential tax rises for individuals earning income from shares and property, implying they are not considered “working people.” With anticipated increases in inheritance and capital gains taxes, the government faces pressure to clarify its promise not to raise taxes on working individuals. The debate over the definition of working people intensifies as national insurance and other tax adjustments loom in the upcoming budget.

Starmer and Chancellor Rachel Reeves prepare for tough decisions while considering adjustments to CGT rates on assets. While CGT on property sales may remain unchanged to avoid impeding sales, inheritance and gift tax rules could tighten. The challenge lies in defining working people, with reactions ranging from considering individuals who actively work for income to those whose earnings derive from assets.

As fiscal decisions await, clarity on the government’s commitment to tax policies remains a key point of contention. Stay tuned for updates as the budget announcement approaches.

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