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Kier-Somers Labor Party was elected with a sweeping majority last week
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However, there are some worries from the public regarding Wishi-Soonak and the conservative
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statement on labor increasing taxes in order to fund public spending. The question many are wondering is how much truth was there in the Tories claims that UK taxpayers
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will be paying 2,000 pounds more taxes a year. Now, which taxes will Labor definitely increase
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In its manifesto, Labor outlined four main revenue raisers. Firstly, Labor wants to apply VAT to private school fees
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Labor said it will remove the exemption of VAT from fees paid to private schools
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and apply a 20% levy on their earnings. The party also claims this will raise 1.5 billion pounds a year
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Labor also intends to tighten up the loopholes in the Conservatives' abolition of the non-dum scheme
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The party has pledged to close further non-dawn tax loopholes that remain after Jeremy Hunt pledged to scrap the over 200-year-old policy
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which allowed wealthy foreigners to reside in the UK without paying tax on their overseas income or assets
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Starmer and Reeves policy goes further than the conservatives removing the right of wealthy foreign nationals to avoid taxes in the first four years of residency and revoking the right to avoid inheritance tax on foreign assets Labor claims that in conjunction with its attempt to clamp down on tax avoidance
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the policy would raise $5.2 billion. Thirdly, Labor will continue to carried interest in private
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equity. This means the new government will look to tighten what it sees as an income tax loophole
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that exists in the private equity industry. Carried interest, or carry, is one of the main
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ways that private equity bosses make money, allowing them to scrap off a share of the profits
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of asset sales, which is taxed as 28%. Labor, however, sees it as a whiz that private investors
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use to avoid income tax and are looking to uplift it to 45%, in line with the top rate
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The party says that the policy will raise half a billion pounds a year. Last but not least
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the windfall tax on North Sea oil. In another attempt to drive revenue through tightening up
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taxes that already exists, Labor has pledged to close the loopholes in the windfall tax
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on oil and gas companies in the North Sea. The party said it will extend the sunset clause
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onto the end of the next parliament, meaning it is likely to remain in place until at least
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2028, and it will increase the rate of the levy by 3%. The move will raise $1.2 billion a year
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according to Labor. We here at Sudan would like to know. Which tax policies will affect
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you the most? Let us know in the comments, and follow us across all. social media platforms to stay up to date with the latest news
