Labour launched its manifesto at a rally in Birmingham on Thursday, promising “radical” change for voters in return for their backing on December 12. The party has sought to distance itself from its often confusing Brexit stance since the election was called and is instead focusing on pledges to spend billions of pounds if it gets into government. But analysts have identified seven key policies put forward by Mr Corbyn which could have a significant impact on the middle class.
The socialist wants to push up the level of capital gains tax (CGT) on the sale of second homes.
This could mean the level of tax paid on gains from a sale could double depending on the owner’s income tax rate.
And the party’s proposal to align CGT with income tax rates would lead to people’s shares being taxed more heavily.
Mr Corbyn also wants to impose VAT on private school tuition fees.
His plan could mean up to 135,000 children currently being educated at private schools would be forced into state schools.
Labour also wants to bring the 45 percent income tax threshold down from £150,000 to £80,000.
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While a Labour government would meet “personal care” costs for over 65s it would not cough up when it comes to other bills such as accommodation.
The party is also planning on bringing in a windfall tax on oil firms.
This could lead to a price climb at the pumps for drivers.
And if British voters land Mr Corbyn in Downing Steet families who want to hand over their home to a loved one with also feel the pinch.
The Labour leader want cuts to inheritance tax made by former Tory chancellor George Osborne to be reversed.
The existing laws means a 40 percent tax is applied to the possessions of a deceased person, if the estate is worth more than £325,000.
But if a property is to be passed to family members the tax threshold increase to £475,000, giving loved ones an extra £150,000 of value.
