STORY
Wes Streeting has called for capital gains tax to be brought into line with income tax as he continues to set out his case for Labour’s future direction. Reuters reported that the former Health Secretary said income made from owning assets should not be taxed less heavily than income earned from work.
The proposal would mean higher capital gains tax rates than those currently charged, with Reuters reporting that Streeting’s plan could raise rates from 18% to 24% at present to as much as 40% or 45%, depending on a taxpayer’s income band. A study cited in the report estimated that such a change could raise around £12 billion a year.
Streeting has said he would like to challenge Keir Starmer if there is a Labour leadership contest. His latest intervention comes as Andy Burnham also prepares for the Makerfield by-election, which is due to take place on 18 June and is expected to be closely watched by Labour MPs.