mansion tax

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Discussion

Fittster

Original Poster:

20,120 posts

212 months

Thursday 14th February 2013
quotequote all
"Labour will re-introduce the 10 pence starting rate of tax scrapped by Gordon Brown in 2008 if it is re-elected, Ed Miliband has announced.

Mr Miliband said it was a "very bad mistake" to get rid of it and the move would send a "clear signal" his party was on the "side of working people".

The move would be paid for by a new "mansion tax" on £2m properties, he indicated in a speech in Bedford."

How does a mansion tax work? Is it just a new Stamp duty level or is it an annual tax?

Does it take into account property inflation, so if you buy a house for say 1.75 million a few years latter you could be hit with a mansion tax bill?

Eric Mc

121,779 posts

264 months

Thursday 14th February 2013
quotequote all
Pretty sure it will be an annual "Property Tax" - not a one-off like Stamp Duty or CGT.

London424

12,826 posts

174 months

Thursday 14th February 2013
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Eric Mc said:
Pretty sure it will be an annual "Property Tax" - not a one-off like Stamp Duty or CGT.
Guess it's one way to get those pensioners to sell their homes.

bob1179

14,107 posts

208 months

Thursday 14th February 2013
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I really do hate socialists.


Pickled

2,051 posts

142 months

Thursday 14th February 2013
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bob1179 said:
I really do hate socialists.
But there're not really socialists are they, just self serving pillocks all wanting their noses in the trough (applies to all politicians no matter what colour the tie is)

hornet

6,333 posts

249 months

Thursday 14th February 2013
quotequote all
How would a mansion tax take account of regional variations in property value? If you're sat in a (say) £2m pad in the south east, the equivalent sized house in the north east is not going to be at the same value. Assuming both are the same size and meet most peoples definition of "mansion", one is required to pay a tax whilst the other isn't, even though they are identical properties. Grounds for a discrimination appeal to the ECHR I'd have thought?

Eric Mc

121,779 posts

264 months

Thursday 14th February 2013
quotequote all
It wouldn't.

fido

16,752 posts

254 months

Thursday 14th February 2013
quotequote all
Totally unworkable. £2m is a detached house in Putney. Hardly fair to tax someone who just happens to live in a normal house but in an expensive area. No doubt Ed Chavez Balls is behind this idea.

TankRizzo

7,247 posts

192 months

Thursday 14th February 2013
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The depressing thing is that this will be popular with a large amount of mouthbreathers.

Victor McDade

4,395 posts

181 months

Thursday 14th February 2013
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I don't think I'll ever be in the position to live in a £2m+ house however this policy just stinks of the politics of envy from Labour.

BoRED S2upid

19,643 posts

239 months

Thursday 14th February 2013
quotequote all
fido said:
Totally unworkable. £2m is a detached house in Putney. Hardly fair to tax someone who just happens to live in a normal house but in an expensive area. No doubt Ed Chavez Balls is behind this idea.
Not unworkable at all, unfair yes but certainly not unworkable they will collect the tax, from London mainly I would imagine even my humble abode would probably be worth £2m in some areas of London which is rediculous.

Oakey

27,523 posts

215 months

Thursday 14th February 2013
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Victor McDade said:
I don't think I'll ever be in the position to live in a £2m+ house however this policy just stinks of the politics of envy from Labour.
It's not even the politics of envy, it's more like the politics of arse licking the lowest common denominator.

Muncher

12,219 posts

248 months

Thursday 14th February 2013
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This tax is already in place for residential properties owned by non natural persons, the extension to natural persons is entirely inevitable, I think there is growing support from it from elements of all parties.


rovermorris999

5,195 posts

188 months

Thursday 14th February 2013
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Another reason for the well-off to go and live/pay tax elsewhere.

Mermaid

21,492 posts

170 months

Thursday 14th February 2013
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Inspiring.............not.

This will kill off a lot of work on property extensions if the added value will tip it into the £2m bracket at some time soon.




Muncher

12,219 posts

248 months

Thursday 14th February 2013
quotequote all
Mermaid said:
Inspiring.............not.

This will kill off a lot of work on property extensions if the added value will tip it into the £2m bracket at some time soon.
It will be based at the value on a certain date, I suspect it will be based at April 2012 which is the date used for the tax on non natural persons.

Mermaid

21,492 posts

170 months

Thursday 14th February 2013
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Muncher said:
It will be based at the value on a certain date, I suspect it will be based at April 2012 which is the date used for the tax on non natural persons.
Thanks for the clarification.

McWigglebum3rd

32,414 posts

203 months

Thursday 14th February 2013
quotequote all
Victor McDade said:
I don't think I'll ever be in the position to live in a £2m+ house however this policy just stinks of the politics of envy from Labour.
Yeah they would never dream of dropping it to hit those bds that live in £1m houses

And what about those bds that live in £0.5m houses

And then there is those bds that live in £0.25m houses

Mermaid

21,492 posts

170 months

Thursday 14th February 2013
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McWigglebum3rd said:
Yeah they would never dream of dropping it to hit those bds that live in £1m houses

And what about those bds that live in £0.5m houses

And then there is those bds that live in £0.25m houses
All in good time.

Bluequay

1,963 posts

217 months

Thursday 14th February 2013
quotequote all
Another well thought through plan. After they've paid for the army of surveyors required to value any properties that may be worth say anything over £1.75 million, an administration team and an independent appeals panel there wont be any money left over to pay for a tax cut anyway.

That doesn't even cover how property rich and income poor pensioners are going to be able to pay the tax, will they be excluded? what if they can't borrow against the property to pay the tax they can't pay from their income, will the government kindly step in and lend them the money to be paid after death or will they be expected to sell up and move, of course they will get a lot less for their property now because it's got a new tax on it!!