By Alexander Bueso
Date: Sunday 09 Jun 2024
LONDON (ShareCast) - (Sharecast News) - Tax increases worth £800 per year for the average household are on the way regardless of who comes out on top in the next general election, the Resolution Foundation says. Measures that have already been announced thus far will raise the tax haul by roughly £23bn by 2028-29. That is because freezing extant tax rates drives higher revenue for the Treasury. None of the two main parties has pledged to do away with a six-year freeze on income tax and national insurance thresholds or the coming spring's reversal of temporary reductions in business rates, fuel duty, stamp duty or land tax. - Guardian
Ashtead, one of Britain's leading blue-chips is looking into a possible change in its listing to the Big Apple. While the lion's share of its business is in the States, such a move would be one of the biggest blows yet to the London Stock Exchange. The company's review will also come as a nasty surprise to officials in the City, as management had previously pledged on various occasions to stick with London. - The Sunday Telegraph
Getting rid of stamp duty on shares would give the economy a shot in the arm and boost investment in the economy, Sir Douglas Flint, chairman of Abrdn, says. At the weekend, Flint backed the Mail's efforts to have the tax, which imposes a 0.5% levy on share purchases, scrapped. Scrapping the duty would strengthen investors' enthusiasm in shares. Case in point, over 12m savers - or a quarter of the adult population - say they will likely buy shares of NatWest. - Financial Mail on Sunday
Labour intends to crack down on so-called 'carried interest', the rule that allows private equity investors to pay tax on money earned at the 28% rate for capital gains, instead of the 45% rate paid on income tax. The Shadow Chancellor has estimated that she could raise as many as £440m through such a move. The private equity industry however has been arguing that such a change would keep big private equity houses from investing in Britain. - Sunday Times
Email this article to a friend
or share it with one of these popular networks: