Topic: | Re:Estate Agents against Mansion Tax Shock ! | |
Posted by: | Kate Beard | |
Date/Time: | 29/09/14 12:24:00 |
No one is sitting on 'capital', they are sitting on equity that can only be accessed through borrowing against the asset. Like many in Chiswick we now have a great deal of equity in our home (although nowhere near £3m) because we bought it a long time ago. Our income bears no relation to the increase in our property value and, like many others, we now live in a home we couldn't possible afford to buy. Why should we (if we were ever to fall into the 'mansion' tax band) or anyone else have to pay tax on money we can't access except through borrowing? And what about those much richer than us who live in huge houses elsewhere in the country that fall well below the threshold? |