The UK Labour party's shadow chancellor Rachel Reeves has ruled out any version of a wealth tax on the richest in society if Labour wins the next general election.
In an interview with the Sunday Telegraph on 27 August she said extra money for public services would have to come from economic growth.
Reeves also confirmed Labour would not target expensive houses, increase capital gains tax or put up the top rate of income tax.
"I don't see the way to prosperity as being through taxation," she said.
Labour would instead do "whatever it takes" to attract business investment into the UK, she added.
James Quarmby, partner at law firm Stephenson Harwood, said on LinkedIn: "We know there will be no wealth tax and no increases in the top rates of income tax and CGT. So far, so good. But what is interesting is what she didn't rule out.
He went on to list what he thinks Labour can still do to raise revenue without breaching the pledge:
1. Fiscal drag - reducing thresholds to bring more people into the higher bands. Highly likely for the 45p band.
2. Pension tax relief restrictions - this tax relief is hugely expensive, so we could see the relief restricted to 20% for all taxpayers.
3. Reform of IHT and/or replacement with a gift tax. This has been mooted in left-leaning think tanks and is attractive because it accelerates the tax revenues.
4. NIC. The pledge doesn't cover NIC and Labour could equalise rates for self-employed and employed. More controversially, they could levy NIC on all passive income, which is what some think tanks have been advocating. Each 1p on NIC brings in about £5b so this would be exciting for Labour.
5. VAT. We know VAT will be levied on school fees but why not extend VAT to other services/goods presently exempt?
6. Property taxes. Why not finally revalue properties for council tax to reduce the burden on the central grant.
