Labour’ proposing a new property tax

[littlebilliie]

I’ve mulling over the “floated” new property tax, they plan to abolish stamp duty and tax on the sale in fact, adding capital gains to principal properties.

also to introduce an annual new tax on properties of £500k and above.

Labour is really going come unstuck as property as in the UK this is one of the cornerstones of financial stability. This could be a real Truss moment for Labour.

If there’s a sudden new tax on selling properties we may see the movements of property slowing down considerably.

Elderly homeowners could be discouraged from selling at this point as they may be moving through different properties as they downsize into sheltered accommodation and then into a care home this could completely slow the whole market down and an obstacle to sale.

Also if it’s perceived that property below £500k isn’t going to be taxed we could see an absolute rush to buy those properties which of course would increase demand and increase the value.

Any thoughts on this?

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.

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.....

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?

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.

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.

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

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!

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.

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.

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

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.

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