Mon. Dec 23rd, 2024
alert-–-fears-mount-over-potential-labour-gains-tax-hike-as-wes-streeting-refuses-to-rule-out-changes-to-duty-on-sale-of-assets-–-despite-being-asked-four-timesAlert – Fears mount over potential Labour gains tax hike as Wes Streeting refuses to rule out changes to duty on sale of assets – despite being asked four times

Wes Streeting has refused four times to rule out hiking capital gains tax if Labour wins the general election.

The shadow health secretary raised fears the party could increase the duty on the sale of assets in its first budget to raise money.

He suggested that a rise would not be included in the party’s general election manifesto, saying nothing in it ‘requires an increase’ in the levy.

Labour has so far ruled out raising income tax, national insurance and VAT in its manifesto, which will be published tomorrow (THU).

But its refusal to rule out other levies has led to fears that the party could spring a surprise raft of taxes on the country.

In last week’s ITV election debate, Rishi Sunak accused Sir Keir of plotting a £2,000 tax rise to fund a ‘black hole’ in their spending plans.

Sir Keir dismissed the figure as ‘absolute garbage’ and accused the Prime Minister of lying.

Yesterday, he accused the Tories of unveiling a ‘Jeremy Corbyn-style’ manifesto as the parties traded blows over who would be more responsible on the economy.

There are fears Labour could announce future changes on tax if it wins the election, including on capital gains.

Mr Streeting told the BBC Radio 4 Today programme yesterday: ‘Nothing in that manifesto requires an increase in capital gains tax.’ When asked again if he might reform the levy, he said: ‘Well, the manifesto will be out on Thursday. I have to be a bit careful about not pre-empting that.

‘But I don’t think any of those things you have just mentioned are in Labour’s manifesto on Thursday.’ Mr Streeting also failed to rule out a hike when asked another two times why he would not want to increase the duty on the sale of assets such as second homes.

He added: ‘All of the manifesto promises we make on Thursday will be promises that we can keep and the country can afford.

‘As I say, nothing in our manifesto requires increases in capital gains tax.. And what we have set out very clearly, and you touched on it, is the tax triple lock on income tax, national insurance and VAT.

‘And the reason why we’ve been so specific about those taxes is we are acutely aware that working people on low and middle incomes are really feeling the pinch at the moment.

‘Even when they look at the state of their local NHS services or the vacancies in our schools, what they’re seeking assurance on is that Labour won’t do the same thing as the Conservatives, which is clobber working people as the first and last resort.’ It comes after Jonathan Ashworth, a Labour frontbencher, repeatedly refused to rule out his party hiking capital gains tax on Monday.

The shadow paymaster general also failed to commit to there being no further rises in corporation tax under Sir Keir.

Mr Ashworth was asked three times whether he could rule out such an increase but would only promise Labour will not raise income tax, national insurance or VAT.

He said: ‘We’ve made our commitment clear on income tax, national insurance and VAT. Nothing in our plans requires additional tax to be raised.

‘We’ll be straight with the British public. Every commitment we put forward will be fully funded and fully costed, you’ll know where the money is coming from.’ Sir Keir has also refused to rule out a capital gains tax raid, with speculation he could equalise the rate with that of income tax.

The Labour leader told The Guardian: ‘I’m not going to write five years’ worth of budgets three and a half, four weeks before an election.

‘But I am going to say we’re fully costed, fully funded, and that none of our plans require tax rises over and above the ones we’ve already set.’

 

error: Content is protected !!