{"id":19604,"date":"2019-08-29T13:22:29","date_gmt":"2019-08-29T13:22:29","guid":{"rendered":"https:\/\/smh.group\/?p=19604"},"modified":"2023-02-15T13:39:20","modified_gmt":"2023-02-15T13:39:20","slug":"new-prime-minister-new-tax-policies","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/","title":{"rendered":"New prime minister, new tax policies"},"content":{"rendered":"\n

July ended with a new prime minister in Boris Johnson and a new\nchancellor in Sajid Javid, both with different ideas from their immediate\npredecessors. <\/strong><\/p>\n\n\n\n

There is already speculation about what Mr Javid might produce in his\nfirst Budget and more importantly, what some much publicised tax proposals could\ncost.<\/p>\n\n\n\n

At the start of his campaign, Boris Johnson\u2019s main tax proposal emerged\nas raising the higher rate threshold to \u00a380,000 from its current \u00a350,000 level\nand applying the same increase to the ceiling for full rate National Insurance\nContributions (NICs). The combination was potentially unwelcome news for high\nearners north of the border, as Scotland currently sets their own higher rate\nthreshold (\u00a343,430 in 2019\/20), but not the NICs limit.  <\/p>\n\n\n\n

In the\nrest of the UK, the proposed reform would boost income for about 3.6 million\npeople, according\nto calculations made by the Institute for Fiscal Studies (IFS). The biggest\nwinners would be pensioners with income of over \u00a380,000, who would save up to\n\u00a36,000 of income tax, but not suffer the extra NICs of up to \u00a33,000. <\/p>\n\n\n\n

The\nIFS calculated that three quarters of the fall in tax liabilities would go to\nthose in the top tenth of the income distribution. It also assessed the cost of\nthe changes at a net \u00a39 billion, the financing of which Mr Johnson did not\naddress.  <\/p>\n\n\n\n

Later in his campaign, the prime minister appeared to backtrack on his tax proposals which became \u2018an ambition\u2019 and up for \u2018debate\u2019. He then switched to focus on reform of stamp duty land tax<\/a><\/span><\/strong>, including cuts to the higher rates and considering the switch of the tax liability from the property purchaser to the seller. A range of other spending priorities has emerged since Mr Johnson took office, not least of which is increased spending against a no deal Brexit. <\/p>\n\n\n\n

We may have a clearer idea of Mr Johnson\u2019s actual tax and spending plans in September \u2013 there are already suggestions of an emergency pre-Brexit Budget as \u2018insurance\u2019 against the consequences of a no-deal exit. In the meantime, the situation is as it was under Mrs May and Mr Hammond: if you wish to save tax<\/a><\/span><\/strong>, rely first on having the right personal planning in place.\u00a0 <\/p>\n\n\n\n

If you would like to speak to one of our Chartered Financial Planners<\/a><\/span><\/strong> drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong>. <\/p>\n\n\n\n

The value of tax reliefs depends on your\nindividual circumstances. Tax laws can change. The Financial Conduct Authority\ndoes not regulate tax advice. <\/em> <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

July ended with a new prime minister in Boris Johnson and a new chancellor in Sajid Javid, both with different ideas from their immediate predecessors. <\/p>\n","protected":false},"author":4,"featured_media":16648,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,16],"tags":[183,77,190,73,19,14,351],"class_list":["post-19604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chartered-tax-advisers","category-financial-services","tag-brexit","tag-financial-planning","tag-government","tag-stamp-duty-land-tax","tag-tax","tag-tax-planning","tag-tax-saving"],"acf":[],"yoast_head":"\nNew prime minister, new tax policies - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New prime minister, new tax policies - SMH Group\" \/>\n<meta property=\"og:description\" content=\"July ended with a new prime minister in Boris Johnson and a new chancellor in Sajid Javid, both with different ideas from their immediate predecessors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-29T13:22:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T13:39:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"New prime minister, new tax policies\",\"datePublished\":\"2019-08-29T13:22:29+00:00\",\"dateModified\":\"2023-02-15T13:39:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\"},\"wordCount\":417,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg\",\"keywords\":[\"Brexit\",\"financial planning\",\"Government\",\"Stamp Duty Land Tax\",\"tax\",\"tax planning\",\"tax saving\"],\"articleSection\":[\"SMH Chartered Tax Advisers\",\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\",\"name\":\"New prime minister, new tax policies - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg\",\"datePublished\":\"2019-08-29T13:22:29+00:00\",\"dateModified\":\"2023-02-15T13:39:20+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg\",\"width\":585,\"height\":250},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New prime minister, new tax policies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New prime minister, new tax policies - SMH Group","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"New prime minister, new tax policies - SMH Group","og_description":"July ended with a new prime minister in Boris Johnson and a new chancellor in Sajid Javid, both with different ideas from their immediate predecessors.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/","og_site_name":"SMH Group","article_published_time":"2019-08-29T13:22:29+00:00","article_modified_time":"2023-02-15T13:39:20+00:00","og_image":[{"width":585,"height":250,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg","type":"image\/jpeg"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"New prime minister, new tax policies","datePublished":"2019-08-29T13:22:29+00:00","dateModified":"2023-02-15T13:39:20+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/"},"wordCount":417,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg","keywords":["Brexit","financial planning","Government","Stamp Duty Land Tax","tax","tax planning","tax saving"],"articleSection":["SMH Chartered Tax Advisers","SMH Financial Services"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/","name":"New prime minister, new tax policies - SMH Group","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg","datePublished":"2019-08-29T13:22:29+00:00","dateModified":"2023-02-15T13:39:20+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/how-do-we-get-paid-service.jpg","width":585,"height":250},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/new-prime-minister-new-tax-policies\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"New prime minister, new tax policies"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=19604"}],"version-history":[{"count":1,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19604\/revisions"}],"predecessor-version":[{"id":24162,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19604\/revisions\/24162"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/16648"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=19604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=19604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=19604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}