Trying to make sense of a mansion tax – Falcon Chambers

Posted March 17th, 2015 in housing, news, taxation by sally

‘The 2015 election campaign will not be the first in which all parties will be promising to outstrip their rivals in their support for the NHS. At the Labour Party Conference last year Ed Miliband announced that a next Labour Government would introduce a tax– a so-called mansion tax – on high value homes worth more than £2million. In an article in the Hampstead and Highgate Express (October 23 2014), designed to calm jittery voters where Labour’s majority is the smallest in the country, Ed Balls stated that the tax will be charged at £250 a month on properties worth between £2 and £3 million, but above £3 million it is apparently to be charged at 1% of capital value. The revenue from the tax, it is said, will contribute to a Time to Care Fund to help the NHS. He estimates that the mansion tax alone will put £1.2 billion into the Fund.’

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Falcon Chambers, February 2015