Advisers on lookout for tax changes following Labour’s win

Advisers will be keeping a keen eye on potential tax changes in the wake of Labour's victory in the general election. (Source FT Adviser)

With just two seats left to be announced at 1pm today (July 5), Labour had won 412 seats an increase on 211. 

Advisers shared their perspectives with FT Adviser, highlighting capital gains tax and pensions as recurring concerns.

Finn Houlihan, who leads AAF Financial, emphasized the importance of financial planners preparing for potential tax changes in the forthcoming budget.

He stated: “Labour’s election victory was anticipated, as reflected in today’s financial markets.

“Financial planning now requires realistic adjustments, with changes likely to be introduced in the next budget rather than immediately. Labour’s proposed increased spending seems set to be financed by tax hikes, which puts certain client areas at risk.”

Houlihan mentioned he will focus on potential increases to capital gains tax, changes in pension taxation, and VAT modifications on private school fees.

Mark Ormston, director of propositions and corporate partnerships at Retirement Line, noted that advisers will have to navigate several uncertainties in the coming months.

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