Labour pledges not to tax “expensive homes” or ra...

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Shadow chancellor Rachel Reeves said it would end "outdated tax perks".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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