Deepesh Upadhyay

Aug 30, 2024 | shorturl.at | Deepesh Upadhyay

The quality of medicine is instrumental in driving the overall growth of the pharma industry. It plays a crucial role in achieving optimal health and, at the same time, bodes well for the speedy recovery of the patients. On the contrary, substandard medicines can have a damaging effect on the health of the patient and severely impact public health and safety.

Jun 20, 2024 | taxjournal.com | Helen Miller |Dan Neidle |Deepesh Upadhyay |Dominic Robertson

There were no tax surprises in Labour’s manifesto. The biggest promises were the negative ones: no increases in rates of income tax, NI, VAT or corporation tax. The positive ones were small: permanent measures scored as raising just over £7bn per year. Most of that would, according to the plan, come from reduced tax avoidance – a theme common to the manifestos of all three main UK-wide parties. As ever, this should be considered an uncertain revenue source.

Jun 20, 2024 | taxjournal.com | Stuart Adam |Dan Neidle |Deepesh Upadhyay |Dominic Robertson

Not only are they tying their hands by promising not to increase the rates of income tax or VAT or to increase corporation tax, capital gains tax, stamp duty land tax or any tax on pension saving. Not only are they promising to keep some of the silliest tax reliefs we have, such as business asset disposal relief in capital gains tax and business & agricultural property reliefs in inheritance tax.

Jun 20, 2024 | taxjournal.com | Paul Johnson |Dan Neidle |Deepesh Upadhyay |Dominic Robertson

The Liberal Democrats are proposing a package of tax rises that they claim will raise £27bn in 2028/29. These may look politically attractive: a large sum raised without directly raising taxes on ‘ordinary people’. But taxes on banks, for example, would need to be raised to new highs – much higher than under the Conservatives – to achieve the planned revenue, and would ultimately be felt at least in part by their customers.

Jun 20, 2024 | taxjournal.com | Deepesh Upadhyay |Dominic Robertson

Labour party proposals on tax had mostly been pre-announced, with commitments not to raise NICs or the basic, higher or additional rates of income tax or VAT. On corporation tax, Labour pledges to cap the main rate at 25% for the entire parliament and to ‘act if tax changes in other countries pose a risk to UK competitiveness’. The commitment on VAT is separate to the party’s flagship policy of removing private schools from the scope of the VAT exemption for supplies of education.