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Mansion Tax 'could Trigger Huge Crash In Property Prices'


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HOLA441

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:lol:

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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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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HOLA4410
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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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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