Mansion tax plan comes under attack
THE case for a Mansion tax is far weaker than it appears, according to Lucian Cook, director of Savills research.
The proposed property tax, set at one per cent of the value over £2m would yield £1bn a year but would bring with it significant problems, he says.
He believes it would unfairly target the income-poor, equityrich and says that valuing the properties would be difficult. It would also deter wealthy international buyers from coming to London.
“A Mansion tax would strike at the heart of aspiration and of property ownership. And be sure that it will, over time, spread to include more people as politicians seek new funds for their pet projects,” says Lucian.