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Mansion Tax
What is it?
With the election looming we look at what we can expect of the proposed 'Mansion Tax'.
The mansion tax is supported by most political parties with the notable exception of the conservative party.
What is it?
It's a tax payable annually on any property over £2 million, the logic is that the existing council tax system is unfair and a person living in a property valued at £5 million will pay the same council tax as a person living in a property valued substantially less, and as many have commented 'the rich can afford it', it would be a progressive tax for those in a house valued at £10 million will pay more than someone in a property valued at £2 million.
The proposed tax will affect less than one in 200 homes.
What will it be worth as a tax to the government?
It is suggested that the tax will raise between £1 and £1.7 million per annum.
What about London, where most property is of a higher value?
The average property price in London is £440,000 and across the UK this falls to £240,000 so the vast majority of properties will not be taxed. The limit of £2 million is set to increase in line with the average increase in house prices.
What if you cannot afford to pay?
Many of those living in property over £2 million will not be able to pay as they may have lived in the home for some years and be asset rich but cash poor, in this case the Tax can be delayed until the property changes hands.
In a study produced by the Institute of fiscal studies they conclude that the tax is based on logic but instead of introducing a Tax onto of the deficient council tax, it should be the council tax itself that should be reviewed.
Should the mansion tax be brought in? Your decision may come down to whether you are living in a property valued at £2 million or more. We think it is political point scoring; Labour have said that it will fund more health workers, not quite sure how the two are linked? If they want to create more health workers they can just make that a pledge in their manifesto, they have also created confusion over how many workers it will fund and how much the new Tax will raise.
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