Mansion Tax Comments
Wed 24 Sep 2014
Peter Rollings, CEO of Marsh & Parsons, comments: "The only spanner in the works for the UK housing market now could be undue government interventions. Labour's Mansion Tax proposals would not only injure London's international reputation and prestige as a city open for business and investment, but would lumber the capital's homeowners with an even weightier tax burden and potentially stifle the market. Any policy initiatives should concentrate on nurturing the embryonic buds of growth outside of London, rather than drastically pruning back healthier branchers of the market."
Labour's pledge to introduce mansion tax will hit the Carsons of this world rather than the Lord Granthams, according to Nick Leeming, Chariman of national estate agents Jackson - Stops & Staff, with 44 offices nationwide.
Nick Leeming said, "The Downtown Abbey view of politics is distorting the realities of who own homes in the 2million plus bracket. This will affect people all over the country, not just in London where the market has been most buoyant. Many owners are people who have worked hard throughout their working lives and have been in their homes for many years or those who have invested in their home to provide a secure retirement. Many are asset-rich and income poor and the treat of a mansion tax would force these people to sell up. "A council tax would be a much fairer way to raise income, with a revaluation of the whole system and extra bands introduced."