A Labour government would scrap business rates, amid plans for the “biggest overhaul of business taxation in a generation”.
The shadow chancellor, Rachel Reeves, is expected to outline the party’s tax vision later today.
Reeves said: “I do think that people who get their income through wealth should pay more.”
She will also announce that the party will undertake a major review of existing tax reliefs, saying “people who get their income through stocks and shares and buy-to-let properties” were targets for tax rises, adding that she wanted to reform capital gains tax.
“We will look at every single tax break,” she said. “If it doesn’t deliver for the taxpayer or for the economy then we will scrap it.”
In the announcement today, Reeves will say: “We will carry out the biggest overhaul of business taxation in a generation, so our businesses can lead the pack, not watch opportunities go elsewhere.”
