What could a change of government bring?

As a UK general election looms, there is much speculation about what life could be like under a new government. The potential change begs the question of what savings could be made, and what could hit the pockets of businesses as well as individuals.

In this session our tax, financial planning and employment law specialists provided an economic overview as well as highlighted the potential changes and risks.

Introduction

Q1. Are you able to provide a quick summary of Labour’s plans for employment law?

Q2. In the context of unfair dismissal, what does day one rights mean?

Q3. Will the right to disconnect mean employers will not be able to call their employees if they need something urgently?

Q4. What do you think employers should be doing to prepare?

Q5. Will there be a rush to exit employees from the business under the current rules?

Q6. We are a hospitality location business, and need casual staff for client events. We use both zero-hours and agency staff. How will each of these groups be impacted by expected employment law changes?

Q7. In the recent budget, the non-dom regime was abolished and replaced by a new more limited regime based on UK tax residence. Do you think there will be further changes if there is a change of government?

Q8. Individuals of overseas origin can live and work in the UK for up to 4 years with a beneficial tax status before being taxed the same as everyone else after those 4 years. Will labour stick to this 4 year period?

Q9. Forcing independent schools to charge VAT on school fees looks like a certain Labour policy. How have you seen worried parents react to this?

Q10. Despite speculation this would be abolished or reformed, IHT was largely left alone in the budget. Do you think Labour would introduce significant changes here?

Q11. The pension changes that were introduced in April 2023 worked out well for higher earners with an increase to the amount that they can contribution and an abolition of the lifetime allowance. Will Labour reverse these changes?

Q12. Is tax free cash more at risk now than it has been in the last 50 years?

Q13. The Capital Gains Tax allowance has steadily reduced, and politically the reduced rate of CGT (compared to Income Tax) is coming under more pressure. What might happen, and is there anything I can do?

Q14. What changes would you like to see?