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.
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.
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