
🌹 Labour’s Budget Plans – Rumours – DAY 6 🌹
Continuing our daily discussion of the potential changes introduced by the Labour Budget, today we’re looking at more taxes.
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Council Tax Reform
- Do a large re-valuation of properties that forms the basis of the tax calculation? As we are still based on 1991 values!
- Change the tax to some form of proportional council tax – x% of a property value.
Our Comment:
- This would be major, and a big money earner, especially the proportional option as this would be akin to a wealth tax by stealth – this is quite interesting (well, maybe not interesting … as it’s potentially horrendous), but I could quite easily see something happening here so quite likely.
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Care Costs
- Labour have cancelled the cap on social care costs (which were only a cap on the care element itself and not the “hotel and board” costs).
- No specific plans have been talked about, but there is a big ongoing issue here.
- Could they introduce a new tax to pay for this, like the original reason for National Insurance?
Our Comment:
- Probably lower down on the list of priorities currently, and not 1st budget territory, but likely a later parliament priority, so chance of happening this time around – unlikely.
This post represents just one part of the potential changes the Labour Budget may introduce and our opinions. To download a PDF containing our full thoughts, please follow the below link.
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