Mansion tax

nollag2006

michaels wrote: »

So if I but an asset like gold, fine wine or art I can hold it as long as I want without paying tax on it every year but if I buy property I must pay tax - how is this fair?

However because the supply of land in the country is limited I think any REAL increase in land value should accrue partly to the country rather than just the individual. My suggestion: remove tax relief from PPR real capital gains.

I do think there is an argument for widening the CGT tax base. You've highlighted some of the anomolies in this post.

The issue in removing PPR relief for CGT, is that it would really impare homeowners ability to move up the property ladder, by taking a chunk of cash out of their deposit for their next purchase. Indeed, this is the effect of Stamp Duty.

As a BTL LL, I honestly think that the CGT relief on rental properties are far too generous in this county. Lettings relief, for example, could be eliminated tomorrow and have a negligible impact on the property market but could result in a rise in tax take for the public purse.

To the OP's point, I would disagree with the concept of the mansion tax on two grounds. Firstly it is, as others have said, double taxation. And secondly, it is again inherently unfair for those who own a single house rather than a portfolio of properties. In my own case, my own house would be well under the £2m threshold, but my total portfolio would be in excess of the £2m mark.

Emy1501

The poor and lower middle class seem to be sharing the brunt of the cuts and as we are all in this together it would nice if the rich could do ther bit too. On the radio the other day suggestion was 5k a year for a 2m house. This is small change in the scheme of things to anyone who can afford a 2m house.

custardy

Emy1501 wrote: »

The poor and lower middle class seem to be sharing the brunt of the cuts and as we are all in this together it would nice if the rich could do ther bit too. On the radio the other day suggestion was 5k a year for a 2m house. This is small change in the scheme of things to anyone who can afford a 2m house.

its exactly the same as when we are told 'we' enjoyed cheap credit etc during the 'boom'
As someone with in reality no debt,I get sick hearing it
however living in a £2Mhouse isnt the same as being able to afford a £2M house

Jimmy_31

PasturesNew wrote: »

I've always wondered why council tax stopped at Band H, with multi-billionaires paying the same for their castles as a lot of people in 'regular' houses.

I mentioned george carlins "american dream" in an earlier thread.

Its on youtube and should remove any wonder from the situation.

nollag2006

Hi Jimmy !

How's your mum. Does she know you're on t'interweb again?

Jimmy_31

nollag2006 wrote: »

Hi Jimmy !

How's your mum. Does she know you're on t'interweb again?

Dunno, im round your mums;)

nollag2006

Still - its nice that you still live at home, isnt it?

No point in rushing out into the big world

Jimmy_31

nollag2006 wrote: »

Still - its nice that you still live at home, isnt it?

No point in rushing out into the big world

No point in rushing out into the big world........not when houses in my part of the world are dropping in price,no.

Any idea where the bog roll is ?

nollag2006

Dont know Jimmy - you are sitting in front of your own PC.

I would have thought that a man in his thirties living with his mum and with unsupervised use of the internet would need a lot of loo roll alright for those moments of over-excitement

Jimmy_31

nollag2006 wrote: »

Dont know Jimmy - you are sitting in front of your own PC.

I would have thought that a man in his thirties living with his mum and with unsupervised use of the internet would need a lot of loo roll alright for those moments of over-excitement

Im sitting in front of my laptop round your mams.

Yeah Yeah i know she hasnt got an intrnet connection, thats why i brought my dongle with me