Starmer Categorically Ruled Out Charging Capital Gains Tax on Sales of Homes in Election – Guido Fawkes

REVEALED: Starmer Categorically Ruled Out Charging Capital Gains Tax on Sales of Homes in Election

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The latest pre-budget briefing has Reeves plotting the removal of primary residence relief on capital gains tax:

“Higher-rate taxpayers would have to pay 24 per cent of the value of any “gain” they make from the increase in the value of their property while basic rate taxpayers would have to pay 18 per cent…While the threshold is the subject of live discussion in the Treasury, officials believe it could raise significant sums of money. A threshold of £1.5 million would hit around 120,000 homeowners who are higher-rate taxpayers with capital gains tax bills of £199,973.”

The removal of the relief would be a radical change to tax policy and a massive hike. In response to a Tory claim in the 2024 election that Labour was plotting to remove the relief, Starmer said to journalists:

“This was just a desperate story by the Tories in relation to capital gains tax on primary residences. There was never a policy so it doesn’t need ruling out, but let’s rule it out in case anybody pretends that it was.”

That is categorical. Starmer’s statement followed a Labour one which said: “No. Labour will not introduce capital gains taxes on primary residences. It’s a bad idea.” He added at the time he could “absolutely” guarantee it would not happen. If Reeves goes ahead with her plan then Starmer would have lied to the public…