| Topic: | Re:Re:Mansion / Property tax question for Ruth Cadbury / Guy Lambert | |
| Posted by: | Paul Green | |
| Date/Time: | 29/04/15 16:02:00 |
| It does seem a poorly thought out policy that ticks the popular box of bashing the rich but makes little sense to the public finances. The recent stamp duty reforms made the Treasury even move dependent on the high end of the market (now with a 12% rate for over £1.5m) and the OBR pencilling £19bn of stamp duty revenues by 2019 I think. High levels of additional annual tax (with no clarity on thresholds or amount going forward) can only depress prices and revenues from IHT, stamp duty etc Ed M was interviewed and said he and his wife would find the tax from his income. As he earns £130k approx. and she is widely suggested to be in the £200k plus bracket I don't think they would struggle. Problem is there are many people who have owned their homes for 10-15 years or more who have incomes nowhere near these levels and cannot magic up an extra £3k per annum |