In a debate today in Parliament on property taxes, Peter Fortune MP warned the Government not to tax family homes by scrapping the private resident relief.
Peter said: "Labour is now calculating the best way to raise taxes, and my constituents are worried that the Chancellor is eyeing up their family home. In Bromley and Biggin Hill, on the edge of Greater London, homes are expensive. The average house price is well over half a million pounds, and there are rumours that the Government may scrap the private residence relief, which would be devastating. It would slap my constituents with an average £33,000 tax bill when they sell their family home. If someone has scrimped and saved, and been lucky enough to see the value of their home go up, they should not be handed a punitive tax bill. It only serves to knock working people back down when they are trying to get ahead."
