[bankfeeder]

Quote

Mr Cable said: "If that (the 50p rate) were to go, it should be replaced by taxation of wealth, because the wealthy people in the country have got to pay their share, particularly at a time of economic difficulty.

"How exactly that is configured is a detailed matter for negotiation. But that principle must be upheld, and a mansion tax actually is a very economically sensible way of doing it.

"But there are different ways of doing it. It can be done through local government as well as central government. And providing the principle is accepted - that taxation should be related to property - and there are vast numbers of extraordinarily valuable properties now around in the south of England, netting very large gains for their owners, many of whom come from abroad incidentally.

http://www.bbc.co.uk...litics-17260348

But will they avoid the unintended (but perhaps desirable) consequence of all "wealth" being devalued to a value just below where it becomes taxable?

[Gone baby gone]

bankfeeder, on 06 March 2012 - 12:09 PM, said:

http://www.bbc.co.uk...litics-17260348

But will they avoid the unintended (but perhaps desirable) consequence of all "wealth" being devalued to a value just below where it becomes taxable?

They could also do something cunning like offsetting any PAYE paid that year against your "property tax"... which would mean regular homeowners largely avoided it, but non-doms / speculators couldn't.... <strokes chin>

[cheeznbreed]

Cable is a buffoon, and his pronouncements ought to be treated with the same seriousness as a demented uncle, even if now and again his ramblings approach coherance.

This post has been edited by cheeznbreed: 06 March 2012 - 12:18 PM

[Gone baby gone]

I've always thought that land / property would be an obvious target for additional taxation. Very illiquid and the value reasonably easy to establish approximately.

[Bruce Banner]

Why not just drop the 50% band and the 40% band and tax everyone at 20% but close all the loopholes so everyone pays it.

[Game_Over]

They could heavily tax second/third/fourth homes.

Oh wait

Most politicians, including Labour own at least two properties

So is that ever going to happen?

Answers on a postcard to..............

[R K]

Vince was correct with this first time around.

Just add the tax to electricity/gas bills or higher rate council tax band.

#taxytaxy

[satch]

What, on 06 March 2012 - 12:18 PM, said:

I've always thought that land / property would be an obvious target for additional taxation. Very illiquid and the value reasonably easy to establish approximately.

But the very rich have lots of land and property and they will then have the inconvenience of finding a way round the tax via off shoring or creating trusts etc. so a non starter except for collecting more tax from the poorer people. The very rich don't pay tax.

[RentingForever]

Cue outraged stories in the Mail and Telegraph about poor old grannies and grandads in the south-east with big houses who would be liable for this tax "even though they're not rich"

[TheCountOfNowhere]

The only thing of any worth left top tax is houses....

[phead]

Bad idea. Politicians are like vultures, give them a new tax and they will eat it all till there's nothing left. This will be a property tax for everyone within 10 years if introduced.

Why not have more council tax bands, that would tax the top end evenly across the country.

[Mildura]

Bruce Banner, on 06 March 2012 - 12:19 PM, said:

Why not just drop the 50% band and the 40% band and tax everyone at 20% but close all the loopholes so everyone pays it.

Far too simple, straightforward and logical. They'd never think of something like that.

[Kurt Barlow]

What, on 06 March 2012 - 12:18 PM, said:

I've always thought that land / property would be an obvious target for additional taxation. Very illiquid and the value reasonably easy to establish approximately.

Only if the legislation is robust enough. We already have a form of property tax called Council tax and local authorities like Westminster and Kensington and Chelsea have big problems getting Council Tax out of absentee owners (Russian Oligarchs, Radges, Nigerian oil execs ) of properties worth £10m plus.

Remember - taxes are for ordinary people not the rich!

[easy2012]

Kurt Barlow, on 06 March 2012 - 12:58 PM, said:

Only if the legislation is robust enough. We already have a form of property tax called Council tax and local authorities like Westminster and Kensington and Chelsea have big problems getting Council Tax out of absentee owners (Russian Oligarchs, Radges, Nigerian oil execs ) of properties worth £10m plus.

I am wondering if you have any reference for those? Thought they can send in the baliff ?

[cica]

Bruce Banner, on 06 March 2012 - 12:19 PM, said:

Why not just drop the 50% band and the 40% band and tax everyone at 20% but close all the loopholes so everyone pays it.

+ progressive land tax.

Nice.

This post has been edited by cica: 06 March 2012 - 01:05 PM