‘Should we be panicking? What taxes will go up and when, because Labour always put up taxes, don’t they?’ What we do know is that they have pledged that they ‘will not raise taxes on working people’, which means the holy trinity of income tax, NI and VAT. So what are the targets likely to be? CGT? Yes, it may well go up to align with income tax rates, that would make sense. Pensions? High rate tax relief could go, but that would mean a pay cut for many a doctor, as would further tinkering with the lifetime allowance. IHT? Well, yes, but is it worth it? It doesn’t raise that much in the scheme of things and is very unpopular. I will come back to my usual mantra, that you can only plan on the basis of what you know, and if you try to second guess stuff that might happen, you’re as likely to lose as to win. Just like trying to second-guess stock markets; or even the winner of Wimbledon.
“How to get rich in 2025”
Who wants to be a millionaire? Well, if you’re one of the 35% of the UK population renting long-term or of the 20% officially living in poverty, the answer’s ‘yes, please’.
