The Government is set to be challenged by the Conservative Party to rule out rises in property tax in a House of Commons vote ahead of the looming Autumn budget.
Chancellor of the Exchequer Rachel Reeves is believed to be weighing up a move to bring an end to the capital gains tax exemption for more expensive homes as she explores options to raise the Government's revenue.
Ahead of Wednesday's Opposition Day debate, Shadow Housing Secretary Sir James Cleverly said: "A family home is not a piggy bank to raid."
The Tories will attempt to bring forward a vote to call on the Government to avoid imposing capital gains tax or introducing an annual property levy impacting family homes.
Rachel Reeves is believed to be weighing up a move to bring an end to the capital gains tax exemption for more expensive homes
| TREASURYKemi Badenoch's party will also urge ministers not to push forward with a land value tax or make changes to the seven-year gift rule.
Britain's current rules allow for gifts made more than seven years prior to an individual's death to be exempt from inheritance tax.
Last month, the National Institute of Economic and Social Research think tank warned that the Chancellor faced a £41billion shortfall on her self-imposed rule of balancing day-to-day spending with tax receipts.
The Tories will hit out at "catastrophic" decisions impacting the hospitality sector in a second motion, including the slashing of business rate relief and hikes to employer national insurance.
Shadow Housing Secretary Sir James Cleverly said: 'A family home is not a piggy bank to raid'
| PASir James said: "Parents who want to help their children on to the housing ladder should be encouraged, not punished, and no household should face an annual levy simply for living in the home they’ve worked hard to build."
Shadow Business Secretary Andrew Griffith accused the Government of "driving Britain’s pubs, restaurants and hotels to the wall".
He added: "These choices will cost jobs and shut young and vulnerable people out of work."
Opposition days occur 20 times in the House of Commons calendar each parliamentary session and allow the opposition parties to select subjects of their choosing to bring forward for parliamentary debate.
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The Tories will hit out at 'catastrophic' decisions impacting the hospitality sector in a second motion
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A total of 17 days will be given to the Conservative Party, and the remaining three are set aside for smaller opposition parties.
A spokesman for the Labour Party said: "After 14 years of Tory failure and Liz Truss crashing the economy, this Labour Government’s urgent task was to stabilise the public finances and put more money in working people’s pockets.
"Since the general election, wages have increased by more than prices and interest rates have been cut five times meaning cheaper mortgages for families.
"Through our Plan for Change, we are also overhauling planning and licensing rules to make it easier for new hospitality businesses to open, fast-tracking new hospitality zones to enable more outdoor seating and protecting venues from noise complaints."
Ms Reeves set the date for her second Budget for November 26, which will seek to plug the estimated £50billion black hole.
In her debut Budget in October 2024, the Chancellor increased taxes by £40billion largely through hikes to employers' National Insurance Contributions.
Shadow Justice Secretary Robert Jenrick told GB News: "Rachel Thieves is bringing nothing but gloom with her nightmare before Christmas Budget.
"Just as Britons will be looking for some festive cheer, the Chancellor is preparing to raid hard-working taxpayers' pockets."