New government
08/07/2024

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities.

The government has already declared that it will not increase Income Tax, National Insurance or VAT and government borrowing has to remain within tight limits. In which case, the only source of new money has to come from revenues raised from economic growth – more activity, more tax revenues.

Rachel Reeves is no stranger to government financing as she was an economist at the Bank of England. It will be interesting to see how the Treasury manages government finances if growth is slow in the coming months. For example, will the new Chancellor find it necessary to raise other taxes to meet funding requirements.

Income Tax, National Insurance and VAT are our major taxes but there is speculation that Inheritance Tax, taxation of dividend income and perhaps Capital Gains Tax may come under the Chancellor’s microscope.

The Autumn review is the next “normal” time for the Chancellor to review the state of the UK’s finances but as our new government flexes its muscles, don’t be surprised if the Chancellor announces some changes in the coming weeks.


About us  

Our director-led service is supported by the expertise of our highly skilled staff. We believe that our reputation for technical excellence is one of the main reasons for the company’s continued growth. 

Since the 1960’s we have been looking after the financial needs of our diverse database of clients. The practice of today evolved from two long-established firms originating in Coventry (Luckmans) and Kenilworth (Duckett Parker) merging in 2000.

Our vision in 2000 was to combine the directors' expertise to the greatest advantage for you – our client. That ethos still holds true and has enabled us to build a relationship with our clients that lasts.

Legal

Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

Contact us

LDP Luckmans
1110 Elliott Court, Coventry Business Park
Herald Avenue
Coventry
CV5 6UB

+44 (0) 24 7662 7200
partners@luckmans.com
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