JEREMY Corbyn is planning a £1.6billion tax raid on private schools.
Leaked shadow treasury documents reveal the party has discussed scrapping discounted business rates for independent schools.
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The memo, seen by The Daily Telegraph, shows Labour estimates an extra £1.64bn will be taken in tax revenue annually from imposing VAT on school fees.
With private school fees now costing £15,000 on average, imposing VAT could cost parents up to £3,000 annually, with around £6,600 for boarders.
The document even suggests that Labour is also leaving open the option of abolishing private schools altogether.
A Labour source told The Daily Telegraph: “Private schools help hoard wealth, power and opportunity for the few.”
Prepared by John McDonnell’s team, the plans form part of Labour’s “Preparing for Government” strategy, in anticipation of a snap election.
It follows a series of major policy announcements in recent days, with Corbyn’s inner circle seemingly confident they could soon be in power.
They include plans to implement a four-day working week by 2030, along with a higher financial transaction tax which would raise an extra £2.1bn from the City of London.
Labour declined to comment to The Daily Telegraph.
