Shadow housing secretary Sir James Cleverly said “a family home is not a piggy bank to raid” ahead of an Opposition Day debate on Wednesday which will centre on speculation that the Chancellor could scrap private residence relief.
Rachel Reeves is reportedly considering ending the exemption from capital gains tax (CGT) for more expensive homes as she searches for ways to raise revenue.
The Conservatives will seek to force a vote calling on the Government not to impose CGT and not to introduce an annual property levy affecting family homes or higher rates of council tax.
They will also urge ministers not to bring in a land value tax, or to lower thresholds or further increase liability to inheritance tax, for example, by changing the seven-year gift rule.
The scale of the challenge facing the Chancellor in the autumn budget was illustrated by the NIESR economic think tank saying last month that Ms Reeves was set for a £41 billion shortfall on her self-imposed rule of balancing day-to-day spending with tax receipts in 2029-30.
That has led to speculation about how she might raise cash as she seeks to balance the books, with reports suggesting changes to inheritance tax are also among the measures under consideration.
Under existing UK rules, gifts made more than seven years before a person’s death are exempt from inheritance tax.
In a second motion, the Tories will condemn what they call “catastrophic” decisions hitting the hospitality sector, such as a cut to business rate relief and an increase in employer national insurance.
The party will urge ministers to publish a dedicated strategy for the sector and to consult hospitality employers before any future changes to the National Living Wage.
Sir James said: “A family home is not a piggy bank for Labour to raid.
“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 said Labour’s policies were “driving Britain’s pubs, restaurants and hotels to the wall”, adding: “These choices will cost jobs and shut young and vulnerable people out of work.”
Opposition Days allow the Tories to pick a topic for debate which they want to be kept in the public eye, though the motions are likely to be rejected because the Government holds a strong majority.
The Government has been contacted for comment.