The Conservatives are pressing Chancellor Rachel Reeves to urgently reject any increase in share taxes in the upcoming budget after a memo was leaked from Angela Rayner indicating potential tax hikes. The Conservative Party warns that eliminating the 500 dividend allowance could affect over 5 million individuals by imposing investment levies. The memo suggests removing the dividend allowance for revenue generation and increasing dividend tax rates. Shadow chancellor Mel Stride emphasized the need for the government to rule out these tax increases to prevent economic harm.
The Conservatives are urging Chancellor Rachel Reeves to "urgently rule out" increasing share taxes in the upcoming autumn budget, following the leak of a memo from Angela Rayner suggesting a series of tax hikes.
The party claims that scrapping the 500 dividend allowance would pull an estimated 5.22 million more individuals into paying investment levies.
In the memo, Ms Rayner proposed removing the dividend allowance to generate approximately 325 million annually, as well as axing inheritance tax relief for AIM shares and increasing dividend tax rates.
Shadow chancellor Mel Stride commented: The Government need to urgently rule out these tax hikes on savers and investors before speculation causes further economic harm.
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