Corbyn’s Labour ‘mulling new proposal’ to grab more tax from homeowners

JEREMY Corbyn’s Labour are looking at proposals to tax homeowners on the increase in the value of their house. A report commissioned by the party and uploaded to their website this month recommends that applying capital gains tax to primary homes would help tackle “wealth inequality”. Everyone selling their first home could be made to […]

JEREMY Corbyn’s Labour are looking at proposals to tax homeowners on the increase in the value of their house.

A report commissioned by the party and uploaded to their website this month recommends that applying capital gains tax to primary homes would help tackle “wealth inequality”.

Gleeson Homes

A report being examined by the party recommends scrapping capital gains tax exemptions on first homes[/caption]

Everyone selling their first home could be made to pay even more when they sell and move home, in a move that could slow down the housing market.

At the moment capital gains tax is only paid on second homes.

The Land for the Many report says: “Applying a capital gains tax to main residences too would allow us to limit the wealth inequality arising from the housing boom.”

But it also admits “it would be controversial and would make it difficult for some households to buy properties of equivalent value when moving house.”

Boris described the plan as a “mad” house which would “cripple every Brit who owns or wants to own their own home”, he told the Mail on Sunday.

Today Labour’s Andrew Gwynne said it was not yet party policy and it would be decided later this year at their annual conference.

He told Sky News earlier: “This is an important report, it’s independent of the Labour Party.

“It was submitted as part of policy recommendations. This report will help inform some of those decisions …. the ideas are not Labour party policy.”

The tax change could raise £28billion a year, the report says.

The move would hit homeowners who want to move by tens of thousands of pounds, and could mean moving to a larger house impossible.

The report also proposed a shake-up of council tax which could hit Brits with gardens.

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