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Tax Tip

Labours Mansion Tax wonât just hit the rich.

Zoopla and the property group Savills have said that the Labour Party’s leader, Ed Miliband proposed “Mansion Tax” on property worth over £2m would disproportionately fall on the South East of England

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The mansion tax plans proposed by labour could create more than £1.6bn in extra revenue per year for the public purse and with that money the Labour leader hopes to hire 36,000 new doctors, nurses, midwives and care workers. Zoopla found that more than 108,000 households nationwide would be affected by the proposed tax, with 96% of them in the south east.”

Lawrence Hall, Zoopla analyst, said: "With more than 100,000 homes to be affected by this new levy, it is somewhat misleading to call it a ‘mansion tax’ when many three bed family homes in London and the south east would find themselves caught by it.”

Stuart continues:
“Taxes have an ugly habit of spreading their tentacles far beyond their original reach. When the UK first introduced income tax in 1798 to pay for the Napoleonic wars, it was set at the laughably low rate of 2p in the pound, although they didn’t think it was that funny. Today, it can hit 45p. It's a similar story with stamp duty, the tax you pay when you buy a home. The thresholds initially affected just 17% of home owners, this year it is an estimated 83% of us.”

The proposal is also likely to affect property prices around the threshold price, driving them down, which would, ultimately, reduce the amount of revenue predicted by Ed Miliband. This in turn may force him to lower the threshold.


If you need any help and advice for your business on the implications of central and local 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

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

Helping Your Business is Our Business

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