Labour triple tax plans leaked

‘Labour plans for a multi-billion pound package of property wealth taxes have been leaked. Conservative ministers say the proposals contradict Ed Miliband’s previous claims he would be a “one-nation” leader, and that the move would worsen the cost of living crisis.

The package would mean all shop owners would have to pay a new “property owner’s tax” separate from business rates, on top of income tax.

Firms residing in prosperous areas, specifically the South of England, would also be hit with a new “business tax” to fund contributions to poorer areas.

Additionally, a £500m “farm tax” would form through agricultural land and building exemption to business rates being revoked. “’If shops and farms have to pay more tax, shopping bills will go up, making a nonsense of Mr Miliband’s talk about cutting the cost of living,” remarked business minister Matthew Hancock.’

Source: The Mail on Sunday

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

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