Labour manifesto contains plans to introduce Land Value Tax

May 30, 2017

Various reports out today highlight that the Labour manifesto contains plans for a Land Value Tax to replace the council tax and business rates on homes and gardens, council tax bills could treble for middle-class homeowners according to the conservatives.

The Conservatives have estimated the average cost to homeowners with gardens at nearly £4,000 and warned that such a tax would send house prices plummeting and risk plunging  mortgage holders into negative equity.

Boris Johnson, the Foreign Secretary described the policy as nonsensical, he said it would bring misery to every single family in Britain.

In a report in the Daily Mail it states: ‘A blueprint for how the new tax would work has been drawn up by the Labour Land Campaign, which has received glowing praise from both Mr Corbyn and his Shadow Chancellor John McDonnell, who has said the levy will ‘raise the funds we need’.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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