In their blog, Grant Thornton shares their views on the Autumn Budget tax predictions.
Labour’s manifesto, followed by the publication on 29 July of further detail on a number of the priority tax commitments included in the manifesto, provides some answers. As a recap, the Government has already set out that they intend to include the following “revenue-raising” tax measures in the Budget, along with further detail on their policy design given each has been consulted on to varying degrees over the summer.
- VAT on private school fees and removing the charitable Business Rates relief for private schools, a measure for which draft legislation has already been published.
- A continuation of the prior Government’s policy to replace the non-domicile regime with a new residence-based regime from 6 April 2025, albeit with a number of changes expected to the policy design.
- Changes to the taxation of carried interest, relevant to the Private Equity industry
- An extension to the Energy Profits Levy.
These measures, alongside a commitment to update on policies at the Budget to help close the tax gap, were estimated in Labour’s manifesto to raise in the region of £8.5bn by 2028/29.
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