The Labour leader has proposed a policy which will see council tax replaced by a progressive property tax based on current house prices, something the Tories have dubbed a “house price tax”. The annual tax bill would be based on the current value of a property, targeting larger homes with gardens – something the housing secretary as branded a “deeply damaging” bombshell for families and pensioners. The report, called Land for the Many, also suggests scrapping the single person discount – which gives those who live alone a 25 percent discount off their council tax bill.

Mr Corbyn’s proposed tax change has been accused by some Tories of being an intentional tax raid on middle England’s homes.

Housing Secretary James Brokenshire told Express.co.uk: “These proposals are extraordinary and deeply damaging in equal measure.

“This tax bombshell for families would mean family homes with gardens paying far more and higher taxes on pensioners by abolishing the single person discount.”

The Conservative Party have calculated the average home would pay £374 a year more than they currently pay in council tax each year.

In response to the Labour Party’s new property tax, Andrea Leadsom told Express.co.uk: “These policies are an appalling example of how a Labour government would seek to destroy aspiration and home ownership.”

The Conservative Party spokesman also warned that because the proposed tax would be based on regularly updated property values, regular valuations of every home would have to be provided by government tax inspectors.

Property experts have also feared Mr Corbyn’s proposal would be disastrous for the property market, with families and pensions being the worst hit.

Jeremy Leaf, a London estate agent owner, said Mr Corbyn’s proposed plans could not only “spoil” the housing market but also negatively affect middle income households.

He told this website: “The potential issue is for ordinary households that may be less likely to move as a result [of the tax change].

“It may force people to consider moving at a tie in their lives when it is not practically, especially for the elderly.”

Mr Leaf explained the changes may force homeowners to downsize.

Jonathan Rolande, director of the National Association of Property Buyers, said that if implemented, the scheme would be “disastrous for the property market and it would take a lot of time for it to improve”. 

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