Shadow Chancellor Rachel Reeves has ruled out any increase in Capital Gains Tax if Labour wins power.
She also says there will be no tax “on expensive houses” nor any version of a wealth tax on the richest in society.
And she reiterated there would be no increase in the top rate of income tax.
However she has reiterated that Labour will scrap non-dom status, which allows UK residents whose permanent homes are abroad not to pay UK tax on overseas income.
It would bring in a shorter-term scheme for temporary residents.
Shadow chancellor Rachel Reeves said it would end "outdated tax perks".
In an interview in the Telegraph Reeves says money for public services would have to come from economic growth.
"I don't see the way to prosperity as being through taxation” she said, adding that Labour would instead do "whatever it takes" to attract business investment into the UK.
Reeves says Labour has attracted a surge of interest from businesses to exhibit at its party conference in Liverpool October. The number of attendees at its business forum has gone up by 50 per cent in a year.
Meanwhile, Labour Party chair Anneliese Dodds has told the BBC that Labour wanted to avoid what she said was "economic chaos" under the Conservatives, "particularly following the mini-budget" under Liz Truss.
She said Labour wanted to "rebuild" investors' confidence in the UK economy.
The pro-Jeremy Corbyn pressure group Momentum slammed the plans, tweeting: “Wealth taxes are hugely popular. This is a Labour Leadership in hock to corporate interests."
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I will await their arrival into government with trepidation 😱😱
If Labour pledged to allow fixed term tenancies or to follow Welsh Labour legislation in relation to rental properties then that would restore stability in the private rental sector. Stability is so important for tenants, the country and for landlords, and it is obvious that the Tory policies haven't helped anyone.
Well said! The Tories haven't helped anyone.
I have a great deal of respect for Welsh Labour because of personal experiences. When my grandfather came home from the First World War, he was suffering from very severe post-traumatic stress syndrome. He had witnessed unspeakable things, but had been extremely brave. Needless to say, his ability to earn a living was not good after this and the family money ran out. Nevertheless my aunt went to University on a scholarship - amazing for a woman at the beginning of the twentieth century. Very sadly, she contracted meningitis and died there. There was no money to bury her. The only people who helped with the burial costs in the end were Welsh Labour.
Not sure Welsh Labour of today is quite the same Ellie!
I don't know Tricia. They behaved decently in the past, and they have retained no fault termination of tenancies now, simply increasing the notice period, so are behaving fairly at the moment.
That's to keep her rich backers happy
It goes against the grain to say it but for me the Golden Age of BTL was under a Labour government.
The only policy in the last election that really appealed to me was the Labour proposal to reinstate indexation relief on CGT. I don't care if I'm paying 40% or 45% on an indexed gain. It's 28% on an unindexed gain that is truly eyewatering (and basic theft).
Looking back Jo you could be right, now going forward they won't be our friend
Rachel that’s hardly a benefit promise to Private Landlords.
We are already paying the highest c/gains tax at 28%.
Regarding not increasing income tax is. That’s big of you when Jeremy Hunt has done it already making it 45%.
No offer of reducing anything or scrapping money grab regulations that targets landlords or scrapping THE RENTERS REFORM BILL the root cause of the Housing Crisis and high unaffordable Rents, there you go there’s an opportunity for you instead of fussy footing about.
Why would I believe a word that woman says?
No. They are Labour. Always bad news for hard working people and for people with a few quid.
Ellie, my Grandfather worked in the Welsh Coal mines in 1915 for 15/= (shillings a week) people today haven’t a clue how difficult it was, just lay in bed look at their iPhones to see if Benefit arrived in their Bank Acc’.
Michael
My grandfathers and great grandfathers worked down the Scottish coal fields.
Their main fear was unemployment, including through injury.
No welfare state then to look after those down on their luck. Today's entitled generation don't realise just how lucky they are.
Incidentally obesity wasn't a problem until very recently!
Michael - I had relatives working in the Welsh Coal mines at that time, too! What a coincidence!
My great uncle's lungs were covered in coal dust - terrible! You are quite right that life was really hard back then.
And terrible for the horses, too!
One of the jobs my grandfather did was to manage the war horses during the First World War, and my great uncle was dealing with the pit ponies.
It would be good if Labour followed the Spanish system with respect to capital gains tax - it would give Landlords the option to retire.
Beware of Greeks bearing gifts....
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