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Mansion tax and the budget

P

P.D.

Paul Stalteri
Another ludicrous idea that sounds exciting but in reality just wont work at all. Of course there are loads of rich people who could afford to pay it but plenty that are just asset rich and it also penalises savers who bought a nice house instead of going on luxury holidays for years etc. If they do it then it should be adjusted for regional variations.

Would be better to tax non doms more, or why not just change the rules entirely so that you cant be non dom anymore. Not sure whether that would drive a lot of people away or not.
 
I pay both property and mansion tax, about ?ú600/year in total. It's become a popular easy fix solution for municipalities here, generating money from nothing. Then they become reliant on it and even though they promise to reduce or remove it whenever there's an election coming up, it never happens.
 
It's insane it it isn't localised.

?ú1M will barely get you a decent sized 1 bed flat in Kensington, yet for that money you could buy the North.
 
Rock Strongo said:
I pay both property and mansion tax, about ?ú600/year in total. It's become a popular easy fix solution for municipalities here, generating money from nothing. Then they become reliant on it and even though they promise to reduce or remove it whenever there's an election coming up, it never happens.
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Where is here, your location sounds like Norway?

Thing is people wouldnt mind higher taxes for certain reasons i.e. better public services which is why in Europe taxes may be marginally higher but things like trains are much more subsidised. In Norway childcare is all at a max fixed cost etc.

Agree with Scara, it will just hit people in the south. Loads of people just got rich as prices went up to and would no way be able to afford it.

A new council tax band would be more appropriate but that will affect renters heavily.
 
scaramanga said:
It's insane it it isn't localised.

?ú1M will barely get you a decent sized 1 bed flat in Kensington, yet for that money you could buy the North.
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That makes sense though, doesn't it? Taxes need to be focused on the Southeast rather than the North, as everyone wants to live in the Southeast and this would make it slightly more attractive to live in the North instead.
 
I actually support the lib dems idea of a tax on second home owners because of how they are pricing people especailly the young out of the market and making areas in cornwall like ghost towns. I can not belive that they actually get a discount on their second home council tax because they claim not to be there enough. I think it is a good idea of the liberals.

I own a second 4 bed house in worthing that is currently let out whether i would have to pay extra tax on that i do not know as i already pay tax on my earnings through it. But as im one of those landlords that got into property to secure my retirement after browns pension tax grab i do not feel bad about myself. Also have a studio flat above a shop on the south coast in portslade but it is not let and we brought to sell but have had so many problems, eventually we will sell that and just keep the house in worthing.

Some people do not agree with people owning more then 1 property but i think if you limit to a couple and are using it as a way of saving for your future especailly as pensions are so crap now then the is not a problem, but if you have a holiday home you can afford to pay a little more into that area to help out the locals. I do have a conflict of interest in this area though so im probably sounding a bit two faced.

With regards the budget i think the has to be a massive sea change in how the public view benefits. Benefits are a good thing and are there to help and protect us all but all benefits should be means tested because i think people are getting it that should not.
 
Paying full whack council tax on second homes is fine but why should people have to pay an additional tax just because they own another home. Its the ideology of this country that seems to penalise successful people who have saved well and worked hard to have a successful career. Sure many people have got lucky but theres plenty that have worked hard and been shrewd over the years. The current policies are driving high earners and businesses away. Wont be long till big companies like HSBC and Barclays relocate somewhere else within the next few years.
 
Cheap credit, low interest rates, gordon brown, greedy bankers = artificial property price bubble

Either it bursts, or we tax the lucky fudgers that have amassed obscene amounts of equity, doing, errr, fudge all

(Well other than buying property with money that never existed in the first place)

Personally I think Vince Cable is a ****, and most of his schemes (including this one) are loony bin ideas, like most liberal democrat policies

But we are, where we are.

To buy a semi decent house where I live, means having to save up around ?ú80,000, minimum, to get a semi-decent and affordable mortgage

And no, I don't want to live in the fudging North, where nobody works, regardless of how friendly the people are, and how good the ales are.

It makes me fudging sick.
 
P.D. said:
Where is here, your location sounds like Norway?

Thing is people wouldnt mind higher taxes for certain reasons i.e. better public services which is why in Europe taxes may be marginally higher but things like trains are much more subsidised. In Norway childcare is all at a max fixed cost etc.

Agree with Scara, it will just hit people in the south. Loads of people just got rich as prices went up to and would no way be able to afford it.

A new council tax band would be more appropriate but that will affect renters heavily.
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Yes here is Norway. Also, when you buy a house you have to pay 2% of the sum in some sort of paper work tax.
 
Unfortunately most people and politicians chose to ignore Wilkins Micawbars advice. Politicians just try to solve the problem by taking money off of working people
 
chichester said:
I actually support the lib dems idea of a tax on second home owners because of how they are pricing people especailly the young out of the market and making areas in cornwall like ghost towns. I can not belive that they actually get a discount on their second home council tax because they claim not to be there enough. I think it is a good idea of the liberals.

I own a second 4 bed house in worthing that is currently let out whether i would have to pay extra tax on that i do not know as i already pay tax on my earnings through it. But as im one of those landlords that got into property to secure my retirement after browns pension tax grab i do not feel bad about myself. Also have a studio flat above a shop on the south coast in portslade but it is not let and we brought to sell but have had so many problems, eventually we will sell that and just keep the house in worthing.

Some people do not agree with people owning more then 1 property but i think if you limit to a couple and are using it as a way of saving for your future especailly as pensions are so crap now then the is not a problem, but if you have a holiday home you can afford to pay a little more into that area to help out the locals. I do have a conflict of interest in this area though so im probably sounding a bit two faced.

With regards the budget i think the has to be a massive sea change in how the public view benefits. Benefits are a good thing and are there to help and protect us all but all benefits should be means tested because i think people are getting it that should not.
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i totally support that Chich - with the way pensioners futures are shaping up in this country we have to be supportive of people looking to save for retirement in any way they can, but at the same time remember everyone should have to right to affordable housing.

making "having a roof over your head" nothing more than a business is dangerous.

i would support a tax on any second home that isnt let out (and a cap of profits that can be made on lettings properties to ensure prices are affordable for all (tennant and landlord).
ie. your home that is sitting waiting to be sold you would be taxed on (or presuaded to let out) to stop it just sitting there dormant (like so many are around the country waiting for valuations to rise - whether it be honest ppl like you looking to their future or whether it be more ruthless profiteers) so we can maximise the ammount of housing we have in this country (which would in turn have a positive effect on green issues with less new builds being required)
 
I support the mansion tax. Where is the skill in living in an area where property prices have soared? And most of these properties are in London and foreign owned, they pay no capital gains and it's a tax loophole that needs closing.
 
nw7 yid said:
That makes sense though, doesn't it? Taxes need to be focused on the Southeast rather than the North, as everyone wants to live in the Southeast and this would make it slightly more attractive to live in the North instead.
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And prices have increased far more in the south. Nothing to do with the residents.
 
P.D. said:
Paying full whack council tax on second homes is fine but why should people have to pay an additional tax just because they own another home. Its the ideology of this country that seems to penalise successful people who have saved well and worked hard to have a successful career. Sure many people have got lucky but theres plenty that have worked hard and been shrewd over the years. The current policies are driving high earners and businesses away. Wont be long till big companies like HSBC and Barclays relocate somewhere else within the next few years.
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And just who would take on the liability of these two banks? If it goes pear shaped again will Hong Kong be able to afford to bail them out?

I don't think so.
 
southstand1882 said:
Cheap credit, low interest rates, gordon brown, greedy bankers = artificial property price bubble

Either it bursts, or we tax the lucky fudgers that have amassed obscene amounts of equity, doing, errr, fudge all

(Well other than buying property with money that never existed in the first place)

Personally I think Vince Cable is a ****, and most of his schemes (including this one) are loony bin ideas, like most liberal democrat policies

But we are, where we are.

To buy a semi decent house where I live, means having to save up around £80,000, minimum, to get a semi-decent and affordable mortgage

And no, I don't want to live in the fudging North, where nobody works, regardless of how friendly the people are, and how good the ales are.

It makes me fudging sick.
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Do fudge off. Pompous flimflam.
 
Leeds Spur said:
Do fudge off. Pompous flimflam.
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Clearly your time in the north has put you out of touch

A small 3 bed house in Windsor costs ?ú450,000.

Do the maths clever boy

I assume you've benefited from making money from nothing, hence your departed post.

Oh and which part of the property bubble since 1997 do you not understand?

EDIT: Wonder what your mortgage repayments would look like at 10% interest rates ;)
 
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