Neil MacGillivray: Is BoJo's tax promise good news or a 'red bus'?

Tax ‘tipping point’

clock • 4 min read

Should Boris Johnson end up as prime minister, it will be interesting to see if he delivers on his tax promise, writes Neil MacGillivray - though more fascinating still could be such a change's impact on Scottish tax policy

When Boris Johnson announced that, if he becomes the next prime minister he would increase the 40% tax threshold from £50,000 to £80,000, there was a degree of scepticism as to whether he could deliver on what at first appears to be an exceptionally generous promise. Might this just be another exaggerated claim similar to the infamous advert that exiting the EU would lead to another £350m a week going to the NHS? There have been no red buses in sight just yet but, then again, little in the way of detail has been revealed - other than the cost to the Treasury being in the region of £9.6bn...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Business Relief in IHT planning set to become 'even more important'

Business Relief in IHT planning set to become 'even more important'

Advisers expect to see an increase in unquoted BR in IHT planning

Isabel Baxter
clock 09 May 2024 • 1 min read
PA360: AIM investments should be 'more than an IHT planning option'

PA360: AIM investments should be 'more than an IHT planning option'

How AIM is becoming more mainstream in financial planning

Jenna Brown
clock 26 April 2024 • 2 min read
Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’

Hope Coumbe
clock 23 April 2024 • 2 min read