There is no sign, however, that Labour is considering anything so radical.
AlphaTranswoman, sadly, I agree, although they may surprise us.
Wealth tax not only possibility. Was reading various tax reliefs could be changed such as ensuring private equity firms are taxed on certain receipts as income rather than capital gains which is a lower rate. Labour have said they will probably do this at least.
I saw someone suggest the following too:
“A national property tax is ultimately what Labour should be pushing for. Unlike most wealth taxes there's lots of precedent for these working, it would be simpler to administer and more progressive than council tax, and could even encourage empty nesters to downsize quicker (or take on lodgers) so freeing up housing units. Rudimentary figures I've been able to work out are immense - a 1% annual property tax (which would be in line with what many US States do) would double the revenue we get from Council Tax. And whilst I get the unease at nationalising our only local tax, the uneven distribution of property wealth, really means that it shouldn't be linked to locality”.
Or this:
“It won't make a whole lot of difference to the overall tax take, but switching Council Tax over to a flat 0.5% of (current) property values would do a lot to make that system fairer. It would require a revaluation, and a law change to make sure subsequent revaluations actually happen, but would be perfectly doable. And yes well-paid editors and columnists would harrumph loudly and call it communism, but when most people realised their council tax bill was actually lower I suspect the fuss would die down.”