Panic over man­sion tax

Yorkshire Post - Property - - PROPERTY -

SUG­GES­TIONS that the Gov­ern­ment may in­tro­duce a man­sion tax on homes worth more than £2m have met with op­po­si­tion.

Nigel Lewis, an­a­lyst at Prime­lo­ca­ says: “If the coali­tion think tax­ing house sale trans­ac­tions over £2m will raise the same or more than the 50p rate of tax, then they may be sorely dis­ap­pointed.

“Some 1,500 £2m+ homes were sold over the past year in the UK, a turnover of £3bn, and even if the Gov­ern­ment were to raise stamp duty to say 20 per cent, this would only bring in rev­enue of £600m. When taxes are raised, so is peo­ple’s de­sire to avoid them. It would be much eas­ier to avoid a man­sion tax – by not mov­ing.”

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