Merryn Talks Money What Labour’s Tax Talk Really Means for Your Money
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Oct 1, 2025 The discussion centers on the Labour Party's recent conference and its implications for personal finances. Experts analyze the likelihood of a standalone wealth tax, highlighting existing taxes on inheritance and capital gains. They explore the complexities of pension reforms and the potential impact of lowering the VAT threshold for small businesses, which could hinder growth. Additionally, proposals to combat youth unemployment through work-for-benefits schemes spark a conversation about the challenges within the hospitality sector.
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Standalone Wealth Tax Unlikely
- Rachel Reeves and Labour signal no standalone wealth tax but plan many targeted taxes instead.
- Merryn lists inheritance tax, capital gains, stamp duty and transaction levies as existing wealth taxes.
Pension Structure Blocks Wealth Tax
- Pension design makes a workable wealth tax politically and practically fraught in the UK.
- Targeting defined-contribution pots would force parity with public-sector defined-benefit schemes and provoke huge backlash.
Politics Protects Pension Benefits
- Tax relief and pension protections are politically untouchable because they affect public-sector workers too.
- Governments avoid reforms that would trigger industrial action or expose public-sector pension values.