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After months of speculation, now we know.\u00a0 The Prime Minister has called a snap General Election for Thursday 4th<\/sup> July.\u00a0 We at Goodman Jones will be keeping a close eye on developments throughout the campaign.\u00a0 Whilst we are still waiting for news of manifesto pledges and detail on policy, we do have some information to share at this stage:<\/p>\n \u00a0<\/strong>24 May \u2013 completion of \u2018wash-up\u2019 period to deal with extant legislation and prorogation of Parliament.\u00a0 Bills, including the Finance (No2) Bill 2024 will either be fast tracked through Parliament on the basis of agreement between all Parties, or will be dropped.\u00a0 The Finance Bill had its third reading on 23 May and is likely to be passed as it stands.\u00a0 Details included are income tax and Corporation Tax rates for the current tax year 2024\/25, SDLT and CGT measures on property, and creative reliefs<\/p>\n At the Spring Budget, the Conservatives announced a 2% cut to employee National Insurance rates.\u00a0 Changes to the taxation of non-domiciled individuals were also announced, as set out in our article<\/a> .<\/p>\n In an interview on 24 May, Keir Starmer confirmed that he would go ahead with the proposed introduction of VAT on private school fees as an immediate priority if Labour win the election.\u00a0 \u00a0Other policies that have been mooted include the reintroduction of the Pension Lifetime Allowance, changes to the taxation of carried interest for the Private Equity sector, possible windfall taxes for energy companies and increases to SDLT rates for overseas property owners.\u00a0 A recent publication also proposes changes to the taxation of non-domiciled individuals which go further than those proposed by the Conservatives and may even extend to the inclusion of offshore trusts within the UK IHT net.<\/p>\n Following recent General Elections, the new Government has introduced legislation via an Emergency Budget.\u00a0 This may take place following the State Opening but may more likely take place when Parliament returns in the Autumn following the summer recess.\u00a0\u00a0 Labour has already said that it would want to hold a single Budget each year in the autumn and so a September Budget would sit in line with this.\u00a0\u00a0 The Autumn is also set to bring a Spending Review for the three years from April 2025 which should take place by November, whichever party wins the Election.<\/p>\nTimeframes<\/strong><\/h2>\n
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What do we know about policies?<\/strong><\/h2>\n
Conservatives<\/u><\/h3>\n
Labour<\/u><\/h3>\n
After the General Election<\/strong><\/h2>\n