So just how quickly would Labour reintroduce the 50p Rate?

[London GT3]

Assuming Labour has power in some shape or form after 7th May, just how quickly could they reintroduce the 50p top rate of income tax? They might do it from April 2016 but could they do it from the date of their first budget or even back date it to April this year?

Any ideas on what is possible?

[Welshbeef]

London GT3 said:

Assuming Labour has power in some shape or form after 7th May, just how quickly could they reintroduce the 50p top rate of income tax? They might do it from April 2016 but could they do it from the date of their first budget or even back date it to April this year?

Any ideas on what is possible?

They could hold an emergency budget and imp relent it for the 2015/16 tax year.

As I understand it Balls wants to scrap the Nov update and move to only 1 budget each year.

[anonymous-user]

I think Balls has said "immediately". I wouldn't bank on him waiting until next year.

[Welshbeef]

Basically it's too late to have paid out the bonus into 2014/15 year and 45% rate so now it's time to wait and see who wins.

[Slaav]

It will be very difficult to retrospectively implement income tax rises.

Labour does have some form on retrospective or draconian tax legislation.

An emergency budget us highly likely but things won't be backdated on income tax IMO.

[hidetheelephants]

They'll delay it until the last budget before the 2020 election, just like the feckless class warrior spendthrift tts did the last time because they know full well it won't raise any fking money, just annoy rich people and impress mouthbreathers.

[McWigglebum4th]

How long before the reintroduction of the fuel duty escalator


Probably halfway through the next parliament

So middle of June

[anonymous-user]

A couple of days before the next election. That is if the next parliament runs full term (unlikely)

[jonby]

to bring in any income tax rate change that comes into play before the next tax year, i.e. April 2016, is highly unlikely - I guess it's not impossible, but I don't recall it ever happening on the main income tax rates, as opposed to say duty on a specific product type (e.g. fuel), VAT, etc

I can't imagine why they wouldn't bring it in from the first available date, i.e. next tax year. This is a close to flagship policy, more about gesturing than revenue. Having said that, a little pointed out fact is that labour brought it in as part of their very last budget, so it came into effect on 5th April 2010, just a few weeks before the election when they were booted out. Because people knew it was coming in, they will have accelerated drawing income wherever possible, into the previous tax year, boosting receipts in the last full tax year that labour were in power for so in turn, reducing tax receipts for the first tax year the tories were in charge for

[Guybrush]

They (Labour) took nearly 13 years to introduce it last time, when they knew they'd lose the election a few months later. Then they calculated people would be stupid enough to listen to their rhetoric (the "tax cuts for millionaires" BS) when the next government removed it; sadly they were right.

[Gerradi]

A man is walking along a beach when he comes across a lamp partially buried in the sand.
He picks up the lamp and gives it a rub.

A genie appears and tells him he has been granted one wish.

The man thinks for a moment and says, "I want to live forever."

"Sorry," said the genie, "I'm not allowed to grant eternal life."

"OK, then, I want to die after a Labour government balances the budget and eliminates the debt.

"You crafty little barsxxxx," said the genie.