{"id":175,"date":"2015-12-09T19:44:28","date_gmt":"2015-12-09T19:44:28","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/would-the-mansion-tax-hit-ordinary-people\/"},"modified":"2018-02-19T07:50:22","modified_gmt":"2018-02-19T07:50:22","slug":"would-the-mansion-tax-hit-ordinary-people","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/would-the-mansion-tax-hit-ordinary-people\/","title":{"rendered":"Would the mansion tax hit ordinary people?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The controversy of the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/mansion\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mansion;http:\/\/rdf.freebase.com\/ns\/m.02pvbb;http:\/\/dbpedia.org\/resource\/Mansion\" >mansion<\/a> tax which was going to tax owners of <a class=\"wl-entity-page-link\" title=\"Property\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >properties<\/a> over 2 million still continues as Vince Cable explains that its still not lost.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The proposal, which would have increased council tax on luxury <a class=\"wl-entity-page-link\" title=\"Home\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >homes<\/a>, seemed dead in the water after David Cameron rejected the idea.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Many thought that the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/tax;http:\/\/rdf.freebase.com\/ns\/m.07g82;http:\/\/dbpedia.org\/resource\/Tax\" >tax<\/a> if it went into law would have helped David Cameron when Labour accuses the conservative party of looking after the rich.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>It would have also helped him chase the millionaires who avoid paying taxes in the UK.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Vince Cable said \u2018There needs to be a sense of fairness, and these best-off people in society have got to contribute more. There are arguments around taxation, about property taxation.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\"><br \/>\n<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u2018It\u2019ll all be resolved in the next few weeks. But certainly, the principle is right that the top of society, the best off, have got to pay more. This is all under discussion.\u2019<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">He added that property taxes were \u2018the obvious place to go\u2019 to tax wealth.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u2018It isn\u2019t simply that it\u2019s fairer \u2013 it\u2019s that property can\u2019t run off to Monaco and Liechtenstein; if you\u2019re trying to deal with abuse of the tax system, this is the best way of doing it.\u2019<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Many homes could now fall into the Mansion tax bracket however not all those that own these homes are owned by cash rich millionaires.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Are these ordinary people that bought a home some time ago and benefitted from successive <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> price rises? <span style=\"mso-spacerun: yes;\">\u00a0<\/span><a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/london\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/london;http:\/\/sws.geonames.org\/2643743\/;http:\/\/rdf.freebase.com\/ns\/m.04jpl;http:\/\/yago-knowledge.org\/resource\/London;http:\/\/dbpedia.org\/resource\/London\" >London<\/a>\u2019s property <a class=\"wl-entity-page-link\" title=\"Market (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/market-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/market_economics;http:\/\/dbpedia.org\/resource\/Market_(economics)\" >market<\/a> fuelled by wealthy overseas buyers has resulted in huge price rises. My fear is that retired people not generating a huge income would have found themselves suffering the mansion tax.<br \/>\n<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">I know that we have retired home sellers list with The House Shop as they try to avoid the high percentages <a class=\"wl-entity-page-link\" title=\"Estate agent\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/estate-agent\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/estate_agent;http:\/\/rdf.freebase.com\/ns\/m.02dzpr;http:\/\/dbpedia.org\/resource\/Estate_agent\" >estate agents<\/a> charge. These are hard working people on fixed incomes that have been lucky with house prices after living in them for years.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">It\u2019s a very difficult argument, property valuations are based on 1991 price bands; these property price bands are old and out of date. It seems that a mansion tax would need to force the re evaluation of all homes prices in England &amp; Wales.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">David Cameron is known to oppose the mansion tax, as it would be unpopular with Tory voters.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The coalition government has in fact made money from wealthy <a class=\"wl-entity-page-link\" title=\"Home insurance\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home-insurance\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home_insurance;http:\/\/rdf.freebase.com\/ns\/m.0313mp;http:\/\/yago-knowledge.org\/resource\/Home_insurance;http:\/\/dbpedia.org\/resource\/Home_insurance\" >homeowners<\/a>. The stamp duty on a \u00a32 million house, has nearly doubled from four per cent to seven per cent.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Mr Cable insists the idea was not &#8216;lost for all time&#8217; and claimed the Tories were &#8216;very ill-advised&#8217; in not adopting it.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">It seem the mansion tax is too much of a hot potato for the Tories to grasp with possible vote losing consequences. The pressure will be now on to secure an alternative that helps tax the wealthy more fairly.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\">Author<br \/>\n<a href=\" https:\/\/plus.google.com\/115654041100964611788?rel=author\">Nick Marr<\/a><\/p>\n<p>&nbsp;<\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\" style=\"background: white;\"><span style=\"font-size: 10.0pt; font-family: Times; color: black; mso-ansi-language: EN-GB;\"><br style=\"mso-special-character: line-break;\" \/> <br style=\"mso-special-character: line-break;\" \/> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The controversy of the mansion tax which was going to tax owners of properties over 2 million still continues as Vince Cable explains that its still not lost.\u00a0 The proposal, which would have increased council tax on luxury homes, seemed<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/would-the-mansion-tax-hit-ordinary-people\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":176,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[17],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2015\/02\/would_mansion_tax_hit_ordinary_people.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/would_the_mansion_tax_hit_ordinary_people_","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/175"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=175"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/175\/revisions"}],"predecessor-version":[{"id":14812,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/175\/revisions\/14812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/176"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=175"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}