This is the thin end of the wedge. Anyone who really thinks the "mansion tax" wouldn't be subsequently introduced on lower value properties, or not adjusted for inflation each year thereby acting as a fiscal drag (as with the upper tax bracket on income) is seriously misguided. All our previous governments have demonstrated a rapacious appetite for more of our money and this is just another ruse to get more of it - many people also overlook that the "mansion tax" will be paid for out of income that's already been taxed at source, and in most cases comes on top of council tax and stamp duty ranging from 5% to 14% of the property value depending how it is purchased.The minimum amount of tax paid on a £2m property would be:Property purchase £2m5% stamp duty £100,000Mansion tax £unknownThe income required to generate £2.1m after tax and NI just to purchase the property is £4,350,000 - of that £2,243,463.36 is paid in tax and NI on wages.So the mansion tax for a £2m property is effective a further annual tax on top of a minimum of £2,343,463 already paid in tax. If this isn't the point at which the tax burden is completely unfair and a deterrent to enterprise it's hard to see what is.
Tony Gould ● 4768d