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News - 15 April 2014

Nick Clegg backs new council tax bands for priciest homes

The Liberal Democrat plan to introduce higher council tax bands for expensive properties is "fully deliverable" says Nick Clegg, with the principle being in line with the party's longstanding proposal for a "mansion tax" on properties worth more than £2m and would create a fairer system.

In recent days it has been reported that the Lib Dem Chief Secretary to the Treasury Danny Alexander found the idea of bringing in a new mansion tax too bureaucratic and unwieldy, and instead wanted to introduce new council tax bands for properties valued above £2m.

The Conservatives have rejected the idea of a mansion tax.

Christine Matthews, Property Manager at ABDS comments
“Currently the highest council tax band in England - band H - applies to properties valued at more than £320,000 in 1991. It is thought about 80,000 homes are currently worth more than £2m.”

In the 2012 Budget, the coalition raised stamp duty on sales of properties with a higher value than this to 7%.

Opponents of a mansion tax say it will not raise enough money to be worthwhile, while others argue it is an unfair imposition on homeowners who have already paid out more in stamp duty and on mortgages.

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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