Topic: | Re:Re:Re:Re:Re:Estate Agents against Mansion Tax Shock ! | |
Posted by: | Steve Thomson | |
Date/Time: | 29/09/14 18:05:00 |
Crucially of course French Wealth Tax is levied on NET wealth above 1.3m euros i.e. mortgages and debts are deductible plus a bunch of allowances and transition relief at each tax band. Market values for property are discounted by 30% straight away. Plus it starts at 0.25% above the lower threshold and only gets to 0.5% beyond 3m euros. Compare and contrast with Labour's plan to tax the whole value of a property and to do so in broad bands i.e your house is worth £2.1m so you immediately get dinged with £12k or whatever it needs to be to raise £1.2bn. But it's OK to have 100 BTL flats at £500k each and pay not a penny. Or £2.1m cash in the bank for that matter .... I don't believe in Wealth Tax but if it were to happen than even the French have a better system than what is being proposed by Labour. And it's really worked out well for them ....... I don't think Labour have thought about this for more than 5 minutes - it just plays to the crowd rather being good policy. |