Stamp duty: ‘Worrying’ tax blow for millions of homeowners under the Labour Party’s proposed changes to the UK’s property market.
The Labour Party has announced plans to increase stamp duty on homes worth over £1 million, which could see millions of homeowners facing a significant tax bill.
According to the Labour Party, the move is aimed at reducing the wealth gap between the rich and the poor, but critics argue that it will only serve to further burden the already struggling housing market.
The proposed changes would see stamp duty increased from 12% to 15% on homes worth over £1 million, and from 8% to 10% on homes worth between £500,000 and £1 million.
Labour’s Shadow Chancellor, Rachel Reeves, has defended the move, saying that it will help to ‘redistribute wealth’ and ‘make the housing market more fair’.
However, property experts have warned that the increased tax burden could lead to a decrease in property values, making it even harder for people to get on the housing ladder.
GB News has spoken to several property experts who have expressed concerns about the potential impact of the proposed changes on the housing market.
‘This is a worrying development for the housing market,’ said one expert. ‘Increasing stamp duty will only serve to further burden homeowners and make it even harder for people to get on the housing ladder.’
Another expert added: ‘The Labour Party’s proposals are a recipe for disaster. They will only serve to further exacerbate the housing crisis and make it even harder for people to afford a home.’
GB News has also spoken to several homeowners who are worried about the potential impact of the proposed changes on their finances.
‘I’m really worried about the impact this could have on my finances,’ said one homeowner. ‘I’ve worked hard to get where I am, and the thought of having to pay even more in stamp duty is really daunting.’
Another homeowner added: ‘I think it’s a terrible idea. The housing market is already struggling, and increasing stamp duty will only make things worse.’
GB News will continue to follow this story and bring you updates as more information becomes available.
Stay tuned for further updates on this developing story.
