Rachel Reeves’ Mansion Tax Raid Plot: Class War Plan Will Punish Hard Work

Rachel Reeves’ mansion tax raid plot: Class war plan will punish hard work and aspiration, say critics who warn NOTHING is safe from Labour

GLEN OWEN

Chancellor Rachel Reeves could hit homeowners with a new mansion tax costing thousands of pounds a year as part of a class war plan being considered for next month’s Budget.

Under the proposals, the owners of properties worth £2million and above would face a charge of 1 per cent of the amount by which the property exceeds that value – meaning that owners of a £3million property would face a bill of £10,000 every year.

Property experts condemned the policy as a ‘blunt and crude instrument’ which would distort the housing market and disproportionately affect older households, while the Tories slammed it as class-based and counter-productive.

The plan is the latest sign that Ms Reeves is preparing a raft of soak-the-rich measures in the Budget – possibly including a manifesto-busting hike in income tax and the slashing of pensioners’ tax-free allowances – as she struggles to fill a £40billion hole in the public finances.

Preparations for the Budget are being led by Treasury Minister Torsten Bell, who worked as Ed Miliband’s director of policy when, as party leader, he included the mansion tax in Labour‘s 2015 general election manifesto.

Under that plan, people with homes worth between £2million and £3million would have paid £3,000 a year in extra taxes, while owners of homes worth tens of millions and second home owners would have paid much higher rates.

The ‘1 per cent’ proposal would be similar to the Liberal Democrats’ policy in the 2010 general election, and could raise between £2billion and £3billion for the Exchequer.

Shadow Chancellor Mel Stride said: ‘Keir Starmer and Rachel Reeves promised not to raise taxes, now we know they are planning to do just that. If Starmer and Reeves introduce a so-called mansion tax, they will be punishing aspiration and hitting hard-working people. This isn’t fairness, it’s class war.

‘If Rachel Reeves had a backbone, she’d get a grip of spending – including the welfare bill – instead of raising taxes again and chasing out the very wealth creators our economy depends on.

‘Under Labour, nothing is safe – not your job, your home, your savings or your pension. Rachel Reeves will tax your children’s future to pay for her failure.’

The plans come as exclusive new polling reveals the collapse in public confidence over the state of the economy.

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