Gregory Stafford

The Treasury has been flying more kites than we saw at the end of “Mary Poppins” in the papers over the last few weeks, but if they are genuine, the Chancellor is preparing the most destructive raid on homeowners in living memory. Families across my constituency are bracing themselves for new taxes on homes worth more than £500,000, capital gains tax on family houses, a revaluation of council tax, and even a land value tax. This is not reform; this is a sledgehammer aimed squarely at aspiration, mobility and stability, and once again it is the south and the south-east that will be punished the most. In Farnham, where the average house price now exceeds £608,000 with the price of detached homes at nearly £900,000, families could face annual bills of nearly £5,000 on top of mortgages, council tax and energy costs. In Haslemere, Liphook and Bordon, households will not be spared; these levies will strip thousands from budgets already stretched to the limit. And what of pensioners and downsizers in Grayshott, Churt, Bramshott, Tilford, or Frensham? They will face the grotesque prospect of capital gains tax on their primary residences.