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    Really Interesting Finance News
    Sunday, 01 December 2019 14:34

    Labour plan to tax profit on sale of homes

    Do you own your own home? Or do you plan to own your own home? If the answer to one of these questions is yes, you may wish to avoid voting for Jeremy Corbyn.

    This is because if he becomes Prime Minister, he plans to reduce ‘wealth inequality’ by taxing profits on the sale of all family homes. In Lehman’s terms this means that anyone wishing to sell their home and make some money off it will be hit with tax that will be taken away by the Labour government.

    The controversial plans, according to Labour, would bring in money that would be pumped straight back into the economy and would help improve national services. But many conservatives, and everyday home owners, are aghast at the idea. And we can understand why.

    The majority of people that we have spoken to are furious at the proposal. They believe it is yet another way for the Labour party to target the aspirational. Many homeowners buy their house, as opposed to renting, to renovate, make money and work their way up the property ladder. Under Labour plans, this would be impossible.

    We are all for generating more money to help under pressure services, but time and time again Labour seem intent on stampeding all over the people who work extremely hard to get to where they are. They used to be the party that represented the working people, but nowadays, if they were to come into power, they would be taking well earned money from the very same people they used to stand for.

    Many people are calling it a ‘raid’ on the hard working, and it is hard to disagree. A tax on the sale of a property would mean many families fell short of being able to purchase a bigger home as the money they make on the original property would be raided, and would therefore stop all movement up the property ladder.

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