The Labour Party have the potential to inflict damage upon anyone who wants to own, buy, or rent in the place of their choosing.
Jeremy Corbyn’s policy document calls to implement a ‘progressive property tax’ – a new homes tax based on house prices. The plan is to send you an annual tax bill based on the value of your house, with homeowners charged more if they invested more into their home.
Not only does Corbyn’s Labour want to levy a new tax on your home. He wants to spend more energy prying into where you live. Labour wants regularly updated property values, with rates “set nationally, rather than locally determined”. This means government tax inspectors, with snoopers inspecting your home and garden, to precisely evaluate the worth of your home – so Labour knows exactly how much they can extract from you.
How will Labour pay for this policy?
Labour can only afford to raise taxes to pay for their housing policy. Their own policy document says they want a tax that “could generate more revenue”. Make no mistake: this is a tax raid on middle England’s homes.
The current tax system intentionally does not tax home improvements until a house is sold. But Labour’s new tax would see those who save and work harder to improve their home punished by paying more in ‘progressive property tax’ every year. You would be charged for even small fixtures to your own home that improve its value.
Labour want to to scrap the single person discount, calling it an ‘inefficiency’ to tax people less. However, this completely disregards how the current system offers tax discounts for the disabled, carers, and granny annexes, calling these situations “overconsumption of housing”.
How much will Labour’s Housing Policy Cost You?
Figures published this month show that Labour’s new tax will cost an average home £375 more every year in tax. Over just a single five-year Parliament this would mean families having to find £1,875 extra just to stay in their home.
- The average property price in England is £243,128. For the average homeowner, then, the annual homes tax bill would thus be £1,701 per year.
- In London, the average house price is £463,283. For the average London homeowner, then, the annual homes tax bill would be £3,243 per year.
- The average detached home in England is worth £346,474. The average detached homes’ tax bill would thus be £2,425 per year.
- This excludes the undisclosed plans by Labour about how much more they will charge higher-valued homes.
We need to stand up against Corbyn and stand for our own rights and save our homes and our future