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Increase Council Tax instead of a Mansion Tax

We recently reported that the Liberal Democrats wanted to impose changes in Inheritance Tax as a way of taxing the wealthy, rather than implementing a new mansion tax on residential property. We now see another idea being proposed by the Lib Dems in an attempt to put new taxes on wealth.

Nick Clegg is proposing the additional of two or three bands at the highest end to encapsulate houses in the over £2m bracket, but there is a view to lower this value and the new bands would includes homes over £1m. The party have always been keen to target those in the most expensive property as it is a tax, however it may be set, that is difficult to avoid.

By only considering a change for houses over the £1m mark it means that far fewer families will be affecting, and the Lib Dems argue that it doesn’t mean that there will need to be an increase for everyone. The highest band & set out in 1991, applied to houses over £320,000, which experts believe is now around £750,000 and with the plans targeting houses over the £1m mark, people in these homes would not be affected. This is likely to be a more acceptable proposal to the Conservatives who were very against the initial mansion tax idea.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

Setfords Solicitors are a national full service law firm, with residential property Solicitors in Chichester and across the country.