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Tax Tip

European Commission urges UK to tax expensive homes more

 Each year the European Commission offers member states advice intended to help ensure long-term growth, they have now called on the UK to raise taxes on higher value properties, build more houses and adjust the Help to Buy scheme.

 
The commission said council tax bands should be revalued, which would put up bills for some people.
 
In far-reaching recommendations the European Union's executive body also said the UK should prioritise capital spending.
 
The commission said: "Action is needed to further boost the supply of houses - by creating appropriate incentives to raise supply at the local level.
 
The UK government said the commission's recommendations were "in line" with its own approach. EU leaders will discuss the advice later this month.
 
Lavinia Newman, Founder of ABDS and a business strategist comments:
“The commission praised the UK on extending childcare provision and making benefits changes but said more should be done on apprenticeships and skills. However, the intervention comes at a sensitive time amid the row about who should be the next president of the commission, and as Conservatives seek to show they can negotiate significant change in Europe ahead of a promised referendum.”
 
Eurosceptic body Business for Britain said the European Commission should "spend more time worrying about how it makes the EU more competitive rather than suggesting how to hamstring the UK economy with high taxes".
 
Campaign group the Tax Payers' Alliance said "higher taxes on high-value property would only strangle much-needed supply further".
 
A Treasury spokesman said: "Figures last week showed Help to Buy has helped thousands of first time buyers on steady incomes buy properties and finally realise the dream of home ownership.
 
"It's an aspirational policy that will remain a key part of our economic plan.
 
Government Funding initiatives and the construction industry, 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
 
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