Over half of Brits think mansion tax proposals are fair

This week property website Rightmove carried out a survey to find out what British people think of the Labour Party’s proposals for a so-called ‘mansion tax’

The results show that over half (52%) of almost 3,000 respondents said that they thought it would be fair to introduce the ta
Almost four in ten (38%) of those surveyed were against Labour’s plans, saying that it would be an unfair tax to impose, this is despite less than 1% of all properties currently on Rightmove being priced at over £2million.
The remaining 10% of respondents said they didn’t know whether they thought the tax was fair or not.
Labour’s mansion tax proposes an annual charge for homeowners with properties worth more than £2 million.
The party says this would be a progressive tax, meaning those with the biggest homes would pay more than those just above the £2m threshold.
It has also been promised that there would be protection for cash-poor but equity-rich owners.
Housing Market Analyst Miles Shipside acknowledged that the idea of a mansion tax is a big issue which has encouraged some passionate debate, this is despite that fact that, according to RIghtmove, it would affect less than one in 100 homes.
“If the mansion tax is introduced, those sellers who have had their homes valued at over £2million will need to lower their expectations on the deal they’ll be able to get, in the same way stamp duty bands affect asking prices,” he said.
Shipside argues that a mansion tax won’t help boost home ownership and that scrapping stamp duty for first-time buyers would perhaps be more beneficial for the UK as a whole.
The last of the main parties to hold a party conference, which finishes today in Glasgow, the Liberal Democrats have also put forward proposals for a mansion tax, albeit slightly different to those set out by Ed Miliband
The Liberal’s policy would incorporate a two band structure – as opposed to Labour’s four – and would be collected in the same way as council tax, according to Lib Dem chief secretary to the treasury, Danny Alexander.

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