Laura Sharman 18 February 2015

Mansion Tax ‘redundant’ finds think tank

Proposals for a Mansion Tax are ‘outdated and unnecessary’ as high value properties are already being targeted by new taxation hikes, a report is claiming.

The Shrinking Case for a Mansion Tax, published by the Centre for Policy Studies, argues that in the five years since the policy was proposed, there have been over ‘significant’ tax hikes implemented affected high value properties. This includes Stamp Duty Land reforms - half of which is paid by the top 1.6% households - and the increased Annual Tax on Enveloped Dwellings.

Lucian Cook, author of the report and director of research at Savills, said reforms meant to close loopholes that existed when Mansion Tax was first proposed have seen the tax paid on mansions increase by 40% in some cases.

‘The recent reforms of property taxation are raising as much from high value properties as any Mansion Tax,’ Cook said. ‘If in addition to these reforms, a Mansion Tax were introduced after the next election, it would add a layer of complexity and unfairness into the tax system for residential property.

‘On top of that, the economic impact of a Mansion Tax is impossible to quantify but would clearly be damaging, not least in seriously undermining the attraction of the UK (and London in particular) to overseas investors.’

SIGN UP
For your free daily news bulletin
Highways jobs

Part Time Finance Administrator

Essex County Council
Up to £25081.00 per annum + Pro Rata
Part Time Finance AdministratorPermanent, Part Time£25,081 per annum, full time equivalentLocation
Recuriter: Essex County Council

Senior Customer Services Adviser (Housing Repairs

Mansfield District Council
£28,598 - £33,699 per annum
Mansfield is a town of towns at the centre of things in Nottinghamshire - a place of many strong connections Mansfield, Nottinghamshire
Recuriter: Mansfield District Council

No Wrong Door Deputy Manager

North Yorkshire Council
From £47,181 up to £51,356 per annum pro rata
We’re looking for a passionate, driven, and dynamic professional to join our management team within our innovative No Wrong Door (NWD) service. Scarborough, North Yorkshire
Recuriter: North Yorkshire Council

Senior Resource Centre Worker

North Yorkshire Council
£34,434 - £38,220 per annum pro rata
You will work closely with families and other professionals to ensure that you have sound knowledge of the children you are caring for Morton on Swale, Northallerton
Recuriter: North Yorkshire Council

Social Worker

North Yorkshire Council
£38,220 - £42,839 per annum, pro rata
Our Family Assessment and Support Teams you will work with a range of children and their families, carers and networks. Selby, North Yorkshire
Recuriter: North Yorkshire Council
Linkedin Banner