You are here: Home - Mortgages -

Labour’s £1.2bn mansion tax to hit 100,000 homeowners

0
Written by:
25/09/2014
More than 100,000 owners of valuable homes would have to pay an average of almost £1,000 a month under Labour’s mansion tax plans.
Labour’s £1.2bn mansion tax to hit 100,000 homeowners

A report in the FT said while Labour was still working on the fine detail on the plan, the levy would need to raise an average of £11,000 per home to hit the party’s £1.2bn a year target.

The tax will fall disproportionately on London property, the report said. According to research from Zoopla, a property valuation website, some 88% of affected properties are in the capital.

It is thought Labour leader Ed Miliband’s home in Dartmouth Park, north London, will be caught in the tax.

The FT said shadow ministers had previously avoided difficult questions about the costs of the plan, which is designed to send out a signal about “fairness” to the wealthy, the report said.

Labour, it added, sees the mansion tax as a straight forward way to raise cash from the wealthiest in society because it would be “almost impossible to avoid”.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week