Reported plans could raise up to £40bn while preserving pledge not to raise income tax, VAT or national insurance
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Rachel Reeves is considering plans for a tax on expensive homes in an effort to raise billions of pounds and close a large hole in the public finances.
The UK chancellor has ruled out increases to income tax, VAT and national insurance, but Treasury officials have been tasked with exploring other options to boost revenue.
One proposal being considered would be to remove the longstanding capital gains tax exemption on primary residences above £1.5m, according to the Times. Homeowners selling properties above that level would be subject to a capital gains tax at 18% for basic-rate taxpayers and 24% for higher taxpayers.
