Labour has pledged to put an extra tax on foreign companies and trusts buying property in the UK.

It is part of the party’s wider tax plans and would charge offshore firms 20% for property purchases, on top of existing stamp duties and surcharges.

Shadow chancellor John McDonnell said the levy was needed to “raise essential revenue for our public services”.

The Conservatives said Labour was “lashing out” at firms because it “has no credible plan to get Brexit done”.

Earlier this week, the Conservatives said companies and individuals who buy property in the UK, but are not tax resident here, will have to pay a 3% surcharge, raising an estimated £120m a year.

Former Liberal Democrats leader Tim Farron said his party’s manifesto also contains a pledge to increase

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