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Frank Hovis

Mansion Tax 'could Trigger Huge Crash In Property Prices'

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Mansion tax 'could trigger huge crash in property prices': Owners' lobby group claim that 'economically illiterate' levy is just politics of envy

New lobby group launched by multi-millionaires in West End restaurant

They claim property prices will fall and hope to overturn public opinion

Experts claim homeowners will be hit with £50,000 bill to live at home

http://www.dailymail.co.uk/news/article-2581929/Mansion-tax-trigger-huge-crash-property-prices-Owners-lobby-group-claim-economically-illiterate-levy-just-politics-envy.html

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Last night, Mr Harrington, the Tory MP for Watford and a shareholder in a property development company, said: ‘I am all for everyone paying their fair share to help the economy, but this is not the right way to go about it.’

Is there a Tory anywhere that isn't a rentier or property developer?

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Is there a Tory pollie anywhere that isn't a rentier or property developer?

corrected for you

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Experts claim homeowners will be hit with £50,000 bill to live at home

well, even people renting crap places in London are hit with £2,000 pa via the council tax.

I am sure we would be all better off by taxing the wealth instead of the labour ... :(

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The government need to raise more taxes, cut the size of the state, cut basic services or borrow more.

The easy custs to the poor have been made, so it's raise taxes or make cuts such as means testing pensions.

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Last night, Mr Harrington, the Tory MP for Watford and a shareholder in a property development company, said: ‘I am all for everyone paying their fair share to help the economy

"Just not me or my mates"

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It's pavlovian thing- just append the phrase 'could trigger a huge crash in Property prices' to any measure you don't like and you gain instant mass support.

It's a bit like dogs salivating when a bell rings- only the drooling in this case will be supplied by mass ranks of boomer nimbys waving placards- even if the hovel they own would never be included in such scheme.

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"Just not me or my mates"

And the biggest hit would be taken by Ed Milliband with his multi million pound London mansion. So much for his mates. Champagne socialists don't get special dispensation, thank God.

Edited by crashmonitor

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No UK gov would ever do it. Most party donors have a house >2m.

Many people who own properties like that use some other mechanism to optimise tax.

If it ever did happen - could you imagine the arguments from people in 2.0-3.0 range - saying it's only 1.9.

There needs to be some tax on wealth but doesn't seem workable.

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No UK gov would ever do it. Most party donors have a house >2m.

Many people who own properties like that use some other mechanism to optimise tax.

If it ever did happen - could you imagine the arguments from people in 2.0-3.0 range - saying it's only 1.9.

There needs to be some tax on wealth but doesn't seem workable.

+1

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It seems like another 'wall' type tax

Let's say I buy this mansion

http://www.rightmove.co.uk/property-for-sale/property-23616120.html

£1.9 million, so exempt.

Council tax is £3,000, so 0.16%

What happens if I improve it, or sell it on for £2 million?

Tax goes up to £20k/year?

Seems rather ridiculous.

They deliberately design it like that so that people can point out the weakness and no tax will be introduced.

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They deliberately design it like that so that people can point out the weakness and no tax will be introduced.

Indeed.

I would scrap the council tax and just make it £500 (amount varies by area) + 0.4%. And then a 1% surcharge on the whole value over £1m.

So on a £100,000 house you'd pay £900

£200,000 = £1300

£500,000 = £2,500

£1m = £4,500

£2m = £14,500

£3m = £24,500

£4m = £34,500

£5m = £44,500

Etc.

And you'd have to keep valuations up-to-date, so you don't get this nonsense of £2 million places still being valued at £150,000 since 1991.

Edited by bambam

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