Mansion Tax CANCELLED. Back to the old Tory party of lazy privilege.

[Si1]

Same old. Depressing.

https://www.express.co.uk/news/politics/1242977/boris-johnson-mansion-tax-budget-2020-treasury-rishi-sunak-uk-politics/amp

Edited February 16, 2020 by Si1

[Bruce Banner]

[winkie]

Mansions have little relevance.........where is the money going to come from?.....when the middle class are a dying breed?

[winkie]

Very many of the high value homes are owned by non doms.....not all of course.

Just because one particular named tax has been rejected doesn't mean there will not be another similar.

[slawek]

14 minutes ago, winkie said:

Mansions have little relevance.........where is the money going to come from?.....when the middle class are a dying breed?

Demographic changes will not have a huge impact on the market. It is about 50k houses per year more on the market.

The biggest impact will be the end of BTL. They have accumulated over 2.5mln properties since 2000. If this unwinds over the next 10 years then it will be on average 250k houses per year.

[winkie]

10 minutes ago, slawek said:

Demographic changes will not have a huge impact on the market. It is about 50k houses per year more on the market.

The biggest impact will be the end of BTL. They have accumulated over 2.5mln properties since 2000. If this unwinds over the next 10 years then it will be on average 250k houses per year.

Buying to let is wrong.....bought to let is better......buying to let has removed thousands of property and the liquidity and turnover that went with it out of the market, mainly first time buyer property.....meaning those that would have bought are being forced to rent...no or little stake...

[Si1]

The economists take on a Tory move to the left:

https://www.economist.com/britain/2020/02/15/why-britains-conservative-government-is-shifting-leftward

 

[Bugger BTL]

Didn't take long.

[nothernsoul]

The whole policy was nicked from ed miliband. I didnt like  it then. The whole idea, including the term "mansion tax" was designed to look radical without upsetting 99 point nine point five percent of the population. Purely gesture politics. You either think a higher percentage of uk taxes should be on property wealth or you dont. If you do, and want to raise significant revenue, then that means somebody in a 500 grand property pays more, even if it is a three bed semi in didsbury or a standard 4 bed detached in altringham,  and not a mansion. If the conservatives dont pursue the policy its irrelevant. 

[nothernsoul]

Absolute nonsense britain has some of the highest taxes in the world on property. They are some of the lowest.  The politician who said that should look at the rates paid in some US states. Why  else are rich foreign nationals buying multi million pound properties in London and not New York . One reason, the latter would involve tens of thousands in property taxes each year, compared to 1200 quid in council tax. 

Quite telling, that an emboldened boris johnson, with an 80 seat majority, the man who defied parliament and won, doesnt dare to push through a simple council tax re evaluation. Tony blair took Britain to war, but bottled out of the same thing. 

[TheCountOfNowhere]

6 hours ago, Si1 said:

Same old. Depressing.

https://www.express.co.uk/news/politics/1242977/boris-johnson-mansion-tax-budget-2020-treasury-rishi-sunak-uk-politics/amp

Surprised?

 

Id say javid might have been an honest man. 

[Kosmin]

6 hours ago, Si1 said:

Same old. Depressing.

https://www.express.co.uk/news/politics/1242977/boris-johnson-mansion-tax-budget-2020-treasury-rishi-sunak-uk-politics/amp

Doris effectively campaigned on "Vote Tory. Get Brexit Done." It turns out it's "Vote Tory. Get Tory."

Nobody could have seen that coming!

[Bluestone59]

15 minutes ago, nothernsoul said:

The whole policy was nicked from ed miliband. I didnt like  it then. The whole idea, including the term "mansion tax" was designed to look radical without upsetting 99 point nine point five percent of the population. Purely gesture politics. You either think a higher percentage of uk taxes should be on property wealth or you dont. If you do, and want to raise significant revenue, then that means somebody in a 500 grand property pays more, even if it is a three bed semi in didsbury or a standard 4 bed detached in altringham,  and not a mansion. If the conservatives dont pursue the policy its irrelevant. 

This wouldn't have been the worst idea ever, surely. The proposal seemed to be aimed at higher taxes for people who could actually afford them so I guess the alternative will mean the bill being picked up by those who will struggle to do so.

[slawek]

11 minutes ago, TheCountOfNowhere said:

Surprised?

 

Id say javid might have been an honest man. 

That is relative. I haven't seen a honest Tory yet.

[Fromage Frais]

1 hour ago, nothernsoul said:

Absolute nonsense britain has some of the highest taxes in the world on property. They are some of the lowest.  The politician who said that should look at the rates paid in some US states. Why  else are rich foreign nationals buying multi million pound properties in London and not New York . One reason, the latter would involve tens of thousands in property taxes each year, compared to 1200 quid in council tax. 

Quite telling, that an emboldened boris johnson, with an 80 seat majority, the man who defied parliament and won, doesnt dare to push through a simple council tax re evaluation. Tony blair took Britain to war, but bottled out of the same thing. 

how much to store 10 million £ in gold bars

https://www.royalmintbullion.com/The-Vault

It looks like the Royal mint would charge around £50,000

 

[“Nasty Piece of work”]

1 hour ago, slawek said:

That is relative. I haven't seen a honest Tory yet.

When, if ever, will the Great Unwashed realise they have voted in a bad one - rather than clapping like demented seals.  Surely, eventually they will be bored being lied to. 

[spacedin]

One wonders how much revenue they could generate by increasing in heritence tax and removing private residence relief instead. 

Edited February 16, 2020 by spacedin

[PropertyMania]

2 hours ago, nothernsoul said:

Absolute nonsense britain has some of the highest taxes in the world on property. They are some of the lowest.  The politician who said that should look at the rates paid in some US states. Why  else are rich foreign nationals buying multi million pound properties in London and not New York . One reason, the latter would involve tens of thousands in property taxes each year, compared to 1200 quid in council tax. 

 

According to the OECD, the UK does have some of the highest property taxes https://data.oecd.org/chart/5Qhq 

Imagine this is stamp duty plus the relatively high levels of Council Tax that poor and middle class pays vs other countries. You're right though that at the upper levels property is hideously undertaxed in the uk. 

Edited February 16, 2020 by PropertyMania

[slawek]

3 minutes ago, “Nasty Piece of work” said:

When, if ever, will the Great Unwashed realise they have voted in a bad one - rather than clapping like demented seals.  Surely, eventually they will be bored being lied to. 

I don't think they will ever learn. Most of them are not capable of thinking for themselves. All will end with some demagogue taking them for a ride,  dismantling the current system so that he can hold power. The current one has convinced them that it is all EU fault just to keep status quo, Tories and the elites behind them in power.     

[slawek]

20 minutes ago, PropertyMania said:

According to the OECD, the UK does have some of the highest property taxes https://data.oecd.org/chart/5Qhq 

Imagine this is stamp duty plus the relatively high levels of Council Tax that poor and middle class pays vs other countries. You're right though that at the upper levels property is hideously undertaxed in the uk. 

The problem is the property wealth is practically not taxed, the council tax is more like a local council service fee.  

The breakdown of property taxes in the UK: council tax 36.3 bln, stamp duty 12.6 bln, business rates 31.3 bln

https://www.ukpublicrevenue.co.uk/year_revenue_2020UKbn_17bc1n_1040F146434244#ukgs302

[MARTINX9]

4 hours ago, nothernsoul said:

Absolute nonsense britain has some of the highest taxes in the world on property. They are some of the lowest.  The politician who said that should look at the rates paid in some US states. Why  else are rich foreign nationals buying multi million pound properties in London and not New York . One reason, the latter would involve tens of thousands in property taxes each year, compared to 1200 quid in council tax. 

Quite telling, that an emboldened boris johnson, with an 80 seat majority, the man who defied parliament and won, doesnt dare to push through a simple council tax re evaluation. Tony blair took Britain to war, but bottled out of the same thing. 

 

James Murdoch has just bought a 150 million US dollar mansion in Bel Air - his annual property tax bill will be 1.3 million US dollars.

His sister Elizabeth Murdoch bought a house for £39 million in St Johns's Wood  in 2014 - probably worth a bit more now. Her annual property tax is a mere £1,507 (the Band H council tax charge in Westminster). That is less than 0.2% of what her brother pays a year.

As you say people really believe the UK has some of the highest property taxes on mega expensive properties? The oligarchs and mega rich are just laughing at us - its actually pathetic and embarrassing how low our annual property taxes are compared to what the mega rich pay in Manhattan, Paris or LA!

 

https://www.standard.co.uk/news/london/rupert-murdochs-daughter-buys-home-in-st-john-s-wood-for-385m-9795700.html

https://www.forbes.com/sites/lisettevoytko/2019/12/12/lachlan-murdoch-reportedly-buys-150-million-bel-air-mansion/#b13f2733d1fa

Edited February 17, 2020 by MARTINX9

[Simhadri]

3 hours ago, MARTINX9 said:

 

James Murdoch has just bought a 150 million US dollar mansion in Bel Air - his annual property tax bill will be 1.3 million US dollars.

His sister Elizabeth Murdoch bought a house for £39 million in St Johns's Wood  in 2014 - probably worth a bit more now. Her annual property tax is a mere £1,507 (the Band H council tax charge in Westminster). That is less than 0.2% of what her brother pays a year.

As you say people really believe the UK has some of the highest property taxes on mega expensive properties? The oligarchs and mega rich are just laughing at us - its actually pathetic and embarrassing how low our annual property taxes are compared to what the mega rich pay in Manhattan, Paris or LA!

 

https://www.standard.co.uk/news/london/rupert-murdochs-daughter-buys-home-in-st-john-s-wood-for-385m-9795700.html

https://www.forbes.com/sites/lisettevoytko/2019/12/12/lachlan-murdoch-reportedly-buys-150-million-bel-air-mansion/#b13f2733d1fa

Very good info.

[winkie]

1 hour ago, Simhadri said:

Very good info.

Yes, very little property tax or taxes on wealth/assets of all kinds......we tend to tax earning and spending more here, and charge high rents.

What would people prefer, lower house prices or higher property tax.

The poor are having to pay a bedroom tax for rooms not in use.......whilst others have spare bedrooms that have increase in value four fold over not that many years, only one person living in a property get a discount on CT, anyway CT should not be used as a property tax, there should be another way to tax free property growth from doing no work at all.....apart from all one off payments killed with inflation over time SD, very possibly CG or IT where many of the very wealthy do not pay it....the size of the property is irrelevant, it is what the value is, money made just sitting on it doing nothing.?

Or would you rather work hard 40 hours a week?......

 

[Simhadri]

41 minutes ago, winkie said:

Yes, very little property tax or taxes on wealth/assets of all kinds......we tend to tax earning and spending more here, and charge high rents.

What would people prefer, lower house prices or higher property tax.

The poor are having to pay a bedroom tax for rooms not in use.......whilst others have spare bedrooms that have increase in value four fold over not that many years, only one person living in a property get a discount on CT, anyway CT should not be used as a property tax, there should be another way to tax free property growth from doing no work at all.....apart from all one off payments killed with inflation over time SD, very possibly CG or IT where many of the very wealthy do not pay it....the size of the property is irrelevant, it is what the value is, money made just sitting on it doing nothing.?

Or would you rather work hard 40 hours a week?......

 

Why can't they allow self build for people ? To purchase a small piece of land and build themselves according to rules ?

Its working well in other countries.

Another issue is to enforce land value tax on empty vacant lands.

I'm seeing massive parcels of land lying vacant and empty in this country.

Even a minimal annual tax of 0.5% on land will fetch billions.

[winkie]

2 minutes ago, Simhadri said:

Why can't they allow self build for people ? To purchase a small piece of land and build themselves according to rules ?

Its working well in other countries.

Another issue is to enforce land value tax on empty vacant lands.

I'm seeing massive parcels of land lying vacant and empty in this country.

Even a minimal annual tax of 0.5% on land will fetch billions.

What we are talking about is the land........an annual tax on valuation?.......this has to be looked at and reformed into a fairer way of taxing all people.....long overdue........at the moment wealth is fast being transferred from one set of people to another.....how long will it be until people realise it is no longer worth working, paying rents and spending money on goods and services that charge value added tax....when something that has had value added is not taxed.?