Labour begin pre-budget pre-emptive strike by reminding voters of “24 Tory tax rises”

With only a few hours to go until George Osborne stands to deliver the budget, Labour have begun their pre-emptive strike on the Chancellor (who is expected to unveil tax cuts) by reminding the electorate that the Tories have been responsible for 24 tax hikes since 2010.

Labour sources have been keen to note that the party doesn’t necessarily oppose all 24 of the tax rises listed below, but they’re clearly hoping to take on the myth that Osborne is all about cutting taxes…

1. VAT increased – to 20 per cent from 2011

2. Income Tax age-related allowances frozen and eligibility restricted (“Granny Tax”) from 2013-14

3. Income Tax higher rate threshold cut to £42,475 in 2011-12

4. Higher Income Child Benefit Charge introduced 2013

5. National Insurance Contributions rates, limits and thresholds increased in line with CPI rather than RPI from 2012-13

6. Income Tax higher rate threshold frozen at £42,475 in 2012-13

7. Insurance premium tax increased – from 2011

8. Capital Gains Tax increased – to 28 per cent for higher rate taxpayers from June 2010

9. New Beer Duty introduced on high strength beers from 2011

10. Duty on hand-rolling tobacco increased by an additional 10 per cent from 2011-12

11. ISA subscription limit uprated in line with CPI rather than RPI from 2012-13

12. National Insurance Contributions changes to contracting-out rebates from 2012-13

13. Capital Gains Tax annual exempt amount frozen, 2012-13

14. Stamp Duty Land Tax increase to 7 per cent on properties over £2 million from 2012-13

15. VAT increases on a range of items, including caravans, sports drinks, and listed buildings from 2012

16. Duty on tobacco increased by RPI + 5 per cent in 2012

17. Income Tax higher rate threshold cut to £41,450 in 2013-14

18. Capital Gains Tax annual exempt amount increased in line with CPI rather than RPI from 2013-14

19. Income Tax cap on reliefs introduced from 2013-14

20. Pension tax relief restricted from 2014-15 21.

21. Income Tax higher rate threshold Increase capped at 1 per cent in 2014-15 and 2015-16

22. Capital Gains Tax annual exempt amount increase capped at 1 per cent, 2014-15 and 2015-16

23. Inheritance Tax threshold frozen in 2015-16

24. National Insurance Contributions ending of contracting-out rebates from 2016-17