UK General Election 4th July

UK General Election 4th July

Date: 7 June 2024 | By: robertsb

Prime Minister Rishi Sunak has said the next general election will take place on 4 July.

As it’s highly likely according to the latest Polls that we will soon have a change of Government as a result, with the Conservatives likely to give way to Labour. Indeed financial markets seem to have ‘priced in’ a Labour victory.

As with any such changes, and even if the same political party happens to gain re-election, the impact on the financial landscape in the UK  for the next 4-5 years will inevitably change.

So what do we know about Keir Starmer’s plans for your finances?

Things that might change / be re-introduced under a new Labour Government:

  • The Lifetime Allowance, the LTA, (and which was recently abolished by the current Conservative Government with effect from 6th April 2024) will be re-introduced at a much lower threshold. The previous threshold was £1,073,100.
  • The current exemption from IHT for pensions will be reintroduced and death pension holders death before age 75 rules may be changed that could result in a substantial tax charge levied on pension funds.
  • Rachel Reeves (the current Shadow Chancellor) would like to remove the IHT allowances and charge a rate of tax on all assets passed down.

As always during an Election year there is much to think about, and issues that may or may not affect us personally in terms of personal finance. Huw would very much welcome the opportunity to discuss the possible changes with you, if you so wish.

Please feel free to contact us through the usual channels if you wish to find more.