Frank Hovis Posted March 16, 2014 Share Posted March 16, 2014 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 Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 16, 2014 Share Posted March 16, 2014 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? Quote Link to comment Share on other sites More sharing options...
wherebee Posted March 16, 2014 Share Posted March 16, 2014 Is there a Tory pollie anywhere that isn't a rentier or property developer? corrected for you Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 16, 2014 Share Posted March 16, 2014 Mansion tax? Never going to happen. Would you put a super tax on your own property? Quote Link to comment Share on other sites More sharing options...
Damik Posted March 16, 2014 Share Posted March 16, 2014 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 ... Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted March 16, 2014 Share Posted March 16, 2014 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. Quote Link to comment Share on other sites More sharing options...
rh2409 Posted March 16, 2014 Share Posted March 16, 2014 Is there a Tory an MP anywhere that isn't a rentier or property developer? Just corrected that for you... People tell me that I'm slightly odd... itsarandomworld Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted March 16, 2014 Share Posted March 16, 2014 Jeez, a top rated Wail comment worth reading: oceandancer1, POF land, 7 hours agoMy pay is 11k and my council tax bill for my band E home is £1000 - just under 10% of my income. I don't hear DM writing any stories my behalf ? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted March 16, 2014 Share Posted March 16, 2014 Just corrected that for you... People tell me that I'm slightly odd... itsarandomworld They are all Tories these days...even the Labour ones! Quote Link to comment Share on other sites More sharing options...
R K Posted March 16, 2014 Share Posted March 16, 2014 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" Quote Link to comment Share on other sites More sharing options...
wonderpup Posted March 16, 2014 Share Posted March 16, 2014 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. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted March 17, 2014 Share Posted March 17, 2014 (edited) "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 March 17, 2014 by crashmonitor Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted March 17, 2014 Share Posted March 17, 2014 Surely this is the idea. Tax begins. Huge crash in prices. Tax no longer payable because your house isnt worth over a million any more. Problem solved. Affordable housing, and no tax liability. Quote Link to comment Share on other sites More sharing options...
bambam Posted March 17, 2014 Share Posted March 17, 2014 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. Quote Link to comment Share on other sites More sharing options...
slacker Posted March 17, 2014 Share Posted March 17, 2014 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. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 17, 2014 Share Posted March 17, 2014 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 Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted March 17, 2014 Share Posted March 17, 2014 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. Quote Link to comment Share on other sites More sharing options...
bambam Posted March 17, 2014 Share Posted March 17, 2014 (edited) 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 March 17, 2014 by bambam Quote Link to comment Share on other sites More sharing options...
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