Labour could have stealth plans to raise Capital Gains Tax (CGT), warns the CEO of DeVere Group.
The warning comes as Labour soars ahead in the polls, leaving analysts ramping up scrutiny on how it is to fund its ambitious public service improvements.
Nigel Green said: “Labour is expected to secure a substantial majority, giving the party enormous political leverage to implement its policies agenda with minimal resistance.
“This situation positions CGT as low-hanging fruit, a quick and effective means to generate the revenue needed to help pay for Labour’s extensive manifesto commitments.
“Labour has promised that it would not increase income tax, national insurance and VAT – three major taxes – but also outlines critical plans to address issues such as homelessness, higher education funding, adult social care, and local government finances. These all require substantial funding.
“The money has got to come from somewhere – and we expect that an increase in CGT will be a prime target to help plug the gap.”
Mr Green urged investors to remain acutely aware of the impact this could have on their financial plans.
He continued: “The introduction of higher CGT rates could occur shortly after Labour takes office, possibly during an Autumn Statement.
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