JEREMY Corbyns new land value tax would clobber high streets and town centres up and down the country.
Corbyn and the Shadow Chancellor John McDonnell plan to introduce the tax on small businesses to raise up to 5bn a year by replacing business rates if they win next weeks election.
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But as new tax would be based on land values, town centre properties – which often worth more – would be hit hardest.
Tory estimates show a small shops bill could jump from just over 8,000 to 38,000.
Robert Jenrick, Secretary of State for Housing, Communities and Local Government, said: Corbyn’s Labour Party will hike up taxes on local firms across the country and wreck the economy.
This is a new tax on high streets that will clobber struggling shops.
‘CLOBBER STRUGGLING SHOPS’
He added: A Conservative majority government will get Brexit done, and support local high streets by cutting their business rates.
Labour have outlined their plan to introduce the tax in their manifesto and said it would bring in cash from unearned wealth.
The Torys claim that the tax would benefit online giants like Amazon, as their large warehouses are out of town on cheaper land.
In contrast a small shop on a busy high street would be hit with a huge tax bill – while shops in London would be crippled with the levy.
The Conservatives are planning on upping business rate relief for shops, pubs and retail premises, – in a bid to slash 5,000 in tax of an average shop in England.
But Labour said that the claim was fake news.
Jonathan Reynolds, Labour’s Shadow Treasury Minister, said: This is more fake news from a Conservative Party which promises nothing to turn round our high streets over the next five years.
Labour will not raise business rates.
We will establish a new Business Development Agency to act as a one stop shop and champion small businesses across government departments, helping them access business advice, finance and large scale government contracts.
Corbyn’s new ‘high street tax’ could increase bills for small shops by 30k