Man­sion tax plan comes un­der at­tack

Yorkshire Post - Property - - FRONT PAGE -

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.

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