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Reeves set to hit thousands of homes with new levy after massive U-turn on income tax: Telegraph
Chancellor Reeves targets luxury homes with new taxes including council tax hikes and a mansion tax to raise £20 billion amid a revised fiscal shortfall.
- Chancellor Rachel Reeves is now reported to be preparing a `smorgasbord` of levies on expensive properties, targeting council tax bands F, G and H after her November 26 U-turn with Prime Minister Sir Keir Starmer to not hike income tax rates.
- With the Office for Budget Responsibility flagging a 20 billion shortfall, the Treasury is seeking new revenue as Rachel Reeves, Chancellor, signals wealthier households must contribute after saying `everyone has to play their part`.
- Proposals include supercharging council tax for bands G and H or creating bands above H, with options to hike or double rates affecting London and the South East hardest.
- About 26 local authorities are expected to see changes affecting roughly 15 per cent of homes in those regions, with valuations reviewed for over 2.4 million properties ahead of any new tax rates.
- Senior opposition figures labelled the package a `class war` and the Treasury is considering pension contributions raids, salary sacrifice limits, and taxes on electric vehicles.
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Reeves to freeze thresholds after ditching planned income tax hike – reports
The Chancellor is understood to have U-turned after improved forecasting from the Office for Budget Responsibility. Rachel Reeves will reportedly freeze thresholds for an extra two years after abandoning her plans to hike income tax in the budget. She could also bring in a new levy on high-value properties, in the measures to be announced on November 26. The Chancellor had been expected to raise income tax in the face of a yawning gap in her spe…
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Total News Sources12
Leaning Left3Leaning Right3Center1Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
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