Labour’s changing message on raising taxes on inheritance and capital gains

Asked if Labor would raise property taxes, including CGT, the Defense Secretary told Sky News: “None of our plans require us to look at extra tax but we, of course, have to see what the true state of the public finances is when we get to open the books.”

He added: “The ones that are most important are those that cost working people the most, those that are facing the highest tax burden now for 70 years.”

He said that Labor plans “do not require” changes to CGT.

Jonathan Ashworth, June 10

The former shadow paymaster general said of Labor plans for CGT in government: “There is nothing in our plans that requires additional tax to be raised. Our commitments on tax are crystal clear with our triple-lock approach: no increase in National Insurance, no increase in income tax, no increase in VAT.

“And we will never play fast and loose with public finances; it puts mortgages up. And any tax commitment the Tories offer tomorrow, it will be based on savings they cannot find.”

Rachel Reeves, June 11

Asked about an interview in The Telegraph in August 2023, where she said that Labor did not plan wealth taxes, including CGT rises, she said: “I haven’t changed my mind, because I’ve already said we have no plans to increase CGT.

“I do not want to increase taxes. I want taxes to be lower, I want to grow the economy so we have money for public services so that living standards improve and so we can keep the tax burden as low as possible.”

Sir Keir Starmer, June 15

Asked about putting CGT on primary residences, he said: “It was never our policy. I’m happy to rule it out.”

Darren Jones, July 2