Very helpful of Labour to provide us on Budget Day with a comprehensive list of tax rises that have taken place under this government:
The 24 Tory Tax Rises
1. VAT increased – to 20 per cent from 2011
2. Income Tax age-related allowances frozen and eligibility restricted (“Granny Tax”) from 2013-14
3. Income Tax higher rate threshold cut to £42,475 in 2011-12
4. Higher Income Child Benefit Charge introduced 2013
5. National Insurance Contributions rates, limits and thresholds increased in line with CPI rather than RPI from 2012-13
6. Income Tax higher rate threshold frozen at £42,475 in 2012-13
7. Insurance premium tax increased – from 2011
8. Capital Gains Tax increased – to 28 per cent for higher rate taxpayers from June 2010
9. New Beer Duty introduced on high strength beers from 2011
10. Duty on hand-rolling tobacco increased by an additional 10 per cent from 2011-12
11. ISA subscription limit uprated in line with CPI rather than RPI from 2012-13
12. National Insurance Contributions changes to contracting-out rebates from 2012-13
13. Capital Gains Tax annual exempt amount frozen, 2012-13
14. Stamp Duty Land Tax increase to 7 per cent on properties over £2 million from 2012-13
15. VAT increases on a range of items, including caravans, sports drinks, and listed buildings from 2012
16. Duty on tobacco increased by RPI + 5 per cent in 2012
17. Income Tax higher rate threshold cut to £41,450 in 2013-14
18. Capital Gains Tax annual exempt amount increased in line with CPI rather than RPI from 2013-14
19. Income Tax cap on reliefs introduced from 2013-14
20. Pension tax relief restricted from 2014-15 21.
21. Income Tax higher rate threshold Increase capped at 1 per cent in 2014-15 and 2015-16
22. Capital Gains Tax annual exempt amount increase capped at 1 per cent, 2014-15 and 2015-16
23. Inheritance Tax threshold frozen in 2015-16
24. National Insurance Contributions ending of contracting-out rebates from 2016-17
Eagle eyed readers will spot that one thing is missing: the “hated bedroom tax” is not on the list. Which means Labour must have at last decided that it is not a tax after all. Better late than never…
