Discussion
"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?
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?
longblackcoat said:
What about those b
ds who have a portfolio of houses which collectively come to over £2m but which individually don't approach that?
I think they will have to pay capital gains tax on all but their primary residence.ds who have a portfolio of houses which collectively come to over £2m but which individually don't approach that? If they are renting out some of the other houses, they will face a tax bill.
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