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Tax On Houses On Its Way?


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#1 bankfeeder

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Posted 06 March 2012 - 12:09 PM

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?

#2 Gone baby gone

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Posted 06 March 2012 - 12:16 PM

http://www.bbc.co.uk/news/uk-politics-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>

#3 Joan of The Tower

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Posted 06 March 2012 - 12:18 PM

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.

Edited by cheeznbreed, 06 March 2012 - 12:18 PM.


Look out Dave, you will soon be handing the keys back mate.



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#4 Gone baby gone

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Posted 06 March 2012 - 12:18 PM

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.

#5 Bruce Banner

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Posted 06 March 2012 - 12:19 PM

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.
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No I believe prices will fall and am astounded that a so called Conservative led government could act in such a stupid way. As you can see from today, there are 2,000 HtB applicants and it has been on MSM none stop all day and they make up about 3.5% of a typical months mortgages.

BTL is a good potential way to bankruptcy and yes sometimes I make points to hopefully make people think.


#6 Game_Over

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Posted 06 March 2012 - 12:25 PM

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..............

:blink:

#7 R K

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Posted 06 March 2012 - 12:27 PM

Vince was correct with this first time around.

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

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#8 satch

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Posted 06 March 2012 - 12:35 PM

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.
George Osborne July 2013; 'I don't think in the current environment a house price bubble is going to emerge in 18 months or three years.' Mark Carney September 2013; ' ... there has been an improvement in prices and activity (talking about the housing market) Osborne to cabinet as quoted in the Indie October 2013; "Hopefully we will get a little housing boom & everyone will be happy"

Osborne says; “Printing money is the last resort of desperate governments when all other policies have failed.”

George Osborne December 2008; “Savers and pensioners are the forgotten victims … They are innocent bystanders and it’s simply not good enough for the Government to walk on by."

In his 1997 Budget speech, Gordon Brown said, "I will not allow house prices to get out of control and put at risk the sustainability of the future". He went on to say that he did not want a return to "instability, speculation and negative equity" of the 1980's and 1990's.

#9 RentingForever

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Posted 06 March 2012 - 12:43 PM

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"

#10 TheCountOfNowhere

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Posted 06 March 2012 - 12:48 PM

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

#11 phead

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Posted 06 March 2012 - 12:53 PM

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.

#12 Mildura

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Posted 06 March 2012 - 12:57 PM

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.
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#13 Kurt Barlow

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Posted 06 March 2012 - 12:58 PM

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!

#14 easy2012

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Posted 06 March 2012 - 01:01 PM

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 ?

#15 cica

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Posted 06 March 2012 - 01:04 PM

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.

Edited by cica, 06 March 2012 - 01:05 PM.





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