Face of Nation : The party is looking at a host of new initiatives following the release of the Land for the Many report which was commissioned by Labour. The report itself called for an end to what it termed as the “buy-to-let” frenzy. Within the new plans, it would halt the ability of the homeowner to automatically sell a property.
Furthermore, the report also insisted that restrictions on private rent were essential to “discourage the use of homes for speculation and rent extraction”.
A spokesman said: “We welcome this independent report by a group of experts. As the report makes clear, Britain is a deeply unequal country and we need to start addressing that.
“Rent controls and tighter restrictions on the ability of landlords to evict renters on spurious grounds are essential to rebalance a rental market which often leaves tenants powerless.”
The findings from the report come as Shadow Chancellor, John McDonnell unveiled proposals to reform inheritance tax.
Speaking at the weekend, Mr McDonnell announced that the tax would be replaced by a lifetime gifts levy.
Speaking to Sky News, Mr McDonnell said: “We are looking at it and it might be one of those ideas, and we’re consulting on it at the moment.
“I think it’s interesting.
“We need to have a fairer system of how we can ensure that wealth is more fairly distributed, that’s one idea and we are listening to a whole range of ideas.”
The current scheme has a threshold, of £475,000 or £950,000 for couples, and 640,000 households of the 27.2 million households in the UK pay the tax each year.
Under new plans, everything a child receives from their parents above £125,000 would be taxed.
Attacking the plan, the Conservative Party Chairman Brandon Lewis insisted that it was a “tax raid on homes”.
Mr Lewis said: “This shows the truly shocking extent of Corbyn’s tax raid on homes.
“Over 10 million would be caught by Labour’s new tax grab, hammering families across the country.”
