LABOUR are secretly plotting a ‘dirty dozen’ tax raid to bring in billions of pounds in revenue, a damaging leak has revealed.
The party was forced to deny accusations Shadow Chancellor Rachel Reeves would use an autumn Budget to increase capital gains tax as part of raising revenues.
Rachel Revees is reportedly plotting a ‘dirty dozen’ round of tax hikes in the autumn[/caption]
The prospect of several tax-raising measures were revealed in a report published by the Labour-supporting Guardian.
Capital gains tax is paid on the profits of asset sales, usually at 10 per cent for goods and 18 per cent on properties – though higher earners generally pay substantially more.
One source said: “Rachel has between 10 and 12 measures she is looking at which she hasn’t yet announced, all of which will raise small pots of money, with the ambition they should add up to something all together.”
Another insider said the party were considering a “kitchen sink” approach where all the bad news is released at once.
The revelation comes after Sir Keir Starmer was seen as being too slow to shut down Rishi Sunak’s TV debate attack over households having to foot a £2,000 bill in extra taxes.
The party has already promised to increase the windfall tax on oil and gas companies, remove tax exemptions from private schools, and tighten the taxation of non-doms.
The Tories have challenged Labour to match their Family Home Tax guarantee not to raise stamp duty, keep homes protected from capital gains tax and no revaluation of council tax.
Shadow Defence Secretary John Healey refused to rule out a Labour government putting up property taxes if elected.
Reeves has already ruled out putting up income tax, National Insurance and VAT if elected.
But some shadow Ministers are pushing for the party to use the cash raised to pay for public services.
Laura Trott, Chief Secretary to The Treasury said: “The Prime Minister warned this week that Keir Starmer would put up taxes on working families by £2,094 to fill Labour’s £38.5 billion black hole.
“After spending two days accusing others of lying and ordering his team to dodge questions from the media, the truth has now emerged: he is secretly preparing more than 10 new tax rises later this year.
“Keir Starmer has a long track record of breaking pledges. He thinks he can coast to victory with a blank cheque then pretend he has a mandate to raise taxes, raid pensions and impose a Retirement Tax.
“He now urgently needs to level with the British people about which taxes he wants to increase and by how much.”
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A Labour spokesperson said the party had already set out its tax plans and added: “Nothing in our plans requires any additional tax to be increased and there will be no return to austerity if Labour are elected on 4 July.”
