Labour’ proposing a new property tax

@Alexandra2001 not sure what you think you are achieving by highlighting commonalities between labour and reform?

Got news for you, she is dead... talk about whataboutery!

Here's one, Reeves rumoured to be changing pension rules on investments, primarily aimed at local Govt schemes.. you lot up in arms! the world is about to end and lots of "Rachel from Accounts" shitte.
Now Reform are saying similar, its all "oh what jolly good idea"

Labour wants to reform benefits... its all "Labour attack the the most vulnerable"
Reform now want to do similar, even wishing to stop disabled kids having a taxi to school..... i expect this will be welcomed with open arms.

Sorry but you re very transparent.

I feel about Labour the same as you feel about Thatcher. Have you ever said a good word about her?

Oh fal di dee.
If they weren't fucking everything up I may be more prepared to acknowledge it. However they have managed to alienate majority of the electorate, from all sides of the political spectrum. That takes some doing but maybe they need credit for uniting people across the divides, against them.

Did you even read my post before typing out your ill informed post?

If there s no source for leaks and hence no evidence.... very easy to just make things up isn't it? which is what happened pre election and pre budget... tell me what happened to the sure fire "Reeves will scrap the single persons CT discount"

You don't seem to understand human nature.

I just listed a few important things they've screwed up, so your accusation i'm extremely pro labour doesn't hold water.... to be frank unless they change tack, they wont even get my vote next time around.... so much for extreme Labour!!!

I then list a few things they've got right and went on to say "You'll never say anything good about them...."

I was correct, you never will, your hatred is blind.

I will criticise Labour when they mess up ie expenses and praise them when they do good - ie increase defence spend..... just as i can with any party, though with the Tories, its difficult but Cameron was good on same sex marriage, Sunak on furlough.
Reform have made some good points on deterring x ch migration too.

You on the other hand.....

btw the party to scrap nom dom was the Cons, as they were on LL taxes, reliefs and on renters rights..... but once again, you'll never accept that.

Well Tomlinson spent 7 years at the Resolution Foundation. He was a key figure in the RF's 2023 inquiry, which proposed the following tax hikes:

Cut the VAT registration threshold to £50,000 then £30,000.
Create Road Duty for EVs.
End free carbon permits & introduce carbon border adjustment.
Encourage local congestion charges.
Charge Capital Gains Tax on death and when moving out of UK.
Scrap non-dom status.
Hike national insurance for higher self-employed incomes by 300% to 8%.
Hike basic rate of Dividend tax from 8.75% to 20%.
Introduce NI for rental income.
Extend employer NI to employer pension contributions.
Cut the £270,000 tax-free pension allowance to £40,000.
Make everyone pay inheritance tax by scrapping the nil-rate band.
Hike vehicle excise duty for heavier cars.
Introduce pay-per-mile road duty for electric vehicles.
Scrap business and agricultural property reliefs
Raise Capital Gains Tax on shares to 37% and real estate to 53%

Considering Reeves took advice from the Resolution Foundation which all turned out to be an absolute disaster at the last budget, you'd think they would stay as far away as possible from them this time around.....seemingly not!

Will they be bringing window and beard tax back next? 🥴

Yes I have never hidden that I hate this version of Labour. It's no secret but I may have respected them if they were actually improving things.
You are extremely pro-Labour and twist everything to support them
2 sides of the barrel.

That's sort of the point about leaks: there is no source 🙄. Not sure you understand the concept of why things are leaked.

However gilt market is back from holiday and isn't happy either but no doubt you will try to spin this too.

Nope same with the 41bn Fiscal Black hole, ONE thinktank.... re reported dozens of times.

Its your opinion that they are leaking to gauge opinion BUT you have no evidence for this.
You cannot name a person, a source, nothing....pure speculation.

I'm not saying ministers don't leak for their own ends, such as Rayner wanting tax rises, a general request.... but i think the idea that every policy is decided on a leak and public reaction is BS.

You hate Labour, everything you post has to be taken within that context.

For me Labour is the best of a bad bunch, they have screwed up, eg Welfare WFA & expenses & generally speaking are too timid.

They ve also done good stuff, DV law changes, childcare, immigration down to 441k from 1.2m under Sunak, Chickenpox vax, growth now matches pre GE trends, interest rates lower.
We ve a deal to build warships for Norway but you will never ever say anything Labour do is good, nothing.

So you didn't read the Grauniad one? Come on, it's practically the mouthpiece for Labour.

Yes, everything is speculation because Labour are leaking plans to gauge public reaction before making decisions. That's why it was all over the papers, of every political persuasion. It's a shit way to decide policy.

Who do you think leaked Rayner's memo?

Err who removed ALL contributory benefits? clue it wasn't Labour, when i lost my job, despite being a higher rate tax payer, i could get nothing, so yes i understand this anger.

On savings, in a consumer led economy, they aren't great, saving means people aren't spending....which is what has happened since Covid, more pubs close, restaurants shut, shops go.

Who changed our economy from manufacturing to services....?

We need more investment in home grown Industries/R&D eg Universities make a discovery in transplant life, foreign company buys it up, profits go over seas.

IF tax wrappers encouraged UK investment instead of the e.g S&P 500 we would generate growth.

Whats wrong with saying If you want a tax wrapper, funded by people without great savings, then invest 5 or 10% of your money in the UK.

Seems sensible to me.....

Don't worry, they'll use thise savings against the savers if they ever need to <heaven forbid> make use of the 'safety net' they've paid into for all those years.

That safety net won't apply to them: unlike pretty much all other European countries - who actually support citizens temporarily on the basis of what they've previously paid in, when temporarily in need.

why shd the tax payer fund a tax wrapper than invests in other countries economies

To encourage saving, in order to reduce the future burden on the state: tax is often used to encourage specific behaviour. Seems sensible to me.

Oh so now "Hearsay" is evidence? might help to read your own link first?

But Rachel Reeves was thought to be considering reducing the allowance for tax-free cash savings, in a bid to encourage people to put money into stocks and shares instead and boost the economy

Thought? by whom??? no article names a single person, its ALL rumour and whispers.

There is so much speculation by the media, desperate to find a story... fishing trips.

Always heartening to see that the Government has a plan and the strength of its convictions when planning it's tax policies. Rather than needing to run it past the voters first...😆

More evidence

https://www.theguardian.com/money/2025/jul/11/cash-isas-rachel-reeves-pauses-plans-to-reduce-amount-savers-can-put-in

Evidence

https://www.google.com/amp/s/www.bbc.com/news/articles/cqjq9yxkkrvo.amp

Labour are purposely leaking potential policies to see how they will go down with markets/public etc:

https://www.ft.com/content/660acd4d-d768-4bb0-8ffd-711e47127002

No actual evidence she was going to do this at all.... all rumours.

But tbf to you, why shd the tax payer fund a tax wrapper than invests in other countries economies??
However, i ve seen that in my investments, more has moved away from US funds to European ones, not much but Trump is volatile, not least driving India and China closer together, not long ago, bitter enemies.

She was going to reduce how much you could put into Cash ISAs each year. Taking existing savings and investments out of the ISA wrapper would be an odd reaction to that . She decided not to because the financial industry told her it would be unfair to less financially knowledgeable savers, who shouldn't be pressured to invest in S&S.

I'm keeping an eye on what's being leaked about controlling investments though. There's a suggestion that they'll force pension companies to invest in UK infrastructure - which I'm not sure any amount of tax incentive justifies.

CT is often higher in poorer lower value areas, simply because the council has to fund more adult and child services, esp long term care of the elderly.... so how does that work for your "everyone pays for the services they get..."

Hence Westminster council has very low CT, far lower than mine in Cornwall.

CT is unsustainable, it cannot keep going up by 5% each year - Austerity meant central Govt cut funding, our CT keeps going up, services get worse.

Council tax should be based on the cost of providing the services - and should go to the council of the people paying it. With our hugely skewed housing market, basing it on house price and redistributing it across the country is completely wrong and unjustifiable.

As for CGT on residential property, I'm OK with it so long as it replaces stamp duty, it genuinely takes inflation into account (so either an inflation-based calculation or taper relief for long-held property, as they have in other countries), it accounts for capital investment in the property, and it applies equally to all properties - no lower limit and no bands based on value.

I'm thoroughly fed up of being robbed again and again. Everyone needs to pay their fair share.

A link to the leak by the govt please?

Have you not heard of focus groups?

The originally story came from a rightwng thinktank called Onward, treasury officials were alleged to have looked at it, out of this, we now have "Reeves plans to tax your house and to put NI on rental profit...."

Cash ISAs were supposed to be losing their tax free status... another story found to be BS.

These possible new taxes have been deliberately leaked by the government - not the right wing media - in order to assess people's reactions. And because they can't be bothered thinking it through for themselves.

Wouldn't be much good of no one told them the obvious.

Why would I have sold ISAs? What stupid Labour suggestion have I missed now?

By the time she did this or any other significant reform, we'd be into an election year, the new Govt then getting the credit for it.... Reeves would just get the pain, as this thread proves.

We are 3 years away from the start of GE campaigning......

Major reform of anything in this country takes years, hence it rarely happens, esp by a Govt languishing in the polls.

I predict a very boring budget, with more Austerity, a few tax changes and allowances, she wont even extend the income tax th freeze, that will only benefit the next Govt.... which might not be Lab!

Council rax does need sorting out - it has not been changed in 30 years. However, wacking another bill on top of CT monthly taxes is not the way to do it.

If Reeves abolished both Stamp duty and council tax and went for a % property tax instead, I would be interested. It works well in other countries.