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Proposals for a Mansion Tax are ‘outdated and unnecessary’ as high value properties are already being targeted by new taxation hikes, a report is claiming.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

Social Worker - DBIT (Core) MID

Essex County Council
£37185.0000 - £50081.0000 per annum
Social Worker - DBIT (Core) MIDFixed Term, Full Time£37,185 to £50,081 per annum Location
Recuriter: Essex County Council

Senior Social Worker - Neighbourhood Team

Essex County Council
£46574.0000 - £56027.0000 per annum + Flexible Working, Hybrid Working
This is a part time opportunity for 22.5 hours per week. These hours will cover 3 days including a Thursday and Friday, plus one other day that can England, Essex, Clacton-On-Sea
Recuriter: Essex County Council

Markets Team Manager (Strategic Commissioning Manager)

The Royal Borough of Kensington & Chelsea Council
Negotiable
Drive real change in your community - shape the future of careDrive real change in your community - shape the future of careAt the Royal Borough of Ke England, London
Recuriter: The Royal Borough of Kensington & Chelsea Council

School Effectiveness Partner

Essex County Council
£62725.0000 - £73793.0000 per annum
School Effectiveness PartnerPermanent, Full Time£62,725 to £73,793 per annumLocation
Recuriter: Essex County Council

School Crossing Officer - Danbury Park Community School

Essex County Council
Up to £13.00 per hour
School Crossing Officer - Danbury Park Community SchoolPermanent, Part Time£13.00 per hourLocation
Recuriter: Essex County Council
Linkedin Banner