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Sunday, February 15, 2015

Labour's mansion tax: Charging foreign buyers and empty houses more would raise same cash for less pain. Targeted taxation could raise more than £6 billion next parliament without hitting cash-strapped families, according to new report
Labour could generate the same amount of money by ditching the mansion tax and instead raising levies on empty houses, foreign buyers and buy-to-let landlords, a new CEBR report has found.

Analysis by the Centre for Economics and Business Research (CEBR) found targeted taxation could raise more than £6 billion next parliament without hitting cash-strapped families. The findings call into question whether Labour’s plans to make people in houses worth more than £2 million pay more is the fairest way to boost revenues through property tax.

Howard Cox (pictured with Ed Balls), who runs centre-right Fair Homes Tax campaign and commissioned the research, said Labour was pursuing the policy for ideological reasons and called on them to reconsider. He criticised Ed Balls, the shadow chancellor, for refusing to consider ditching the mansion tax after the pair met for face-to-face discussions about the findings and other tax changes.

Labour proposes to charge people with a house worth between £2 million and £3 million an extra £250 a month – the equivalent of £3,000 more every year.

The CEBR research found that a similar amount could be raised by more targeted taxation. Charging foreign buyers a higher rate of stamp duty would increase tax revenues by a total of £3.3 billion by 2019-20, the report found. Allowing councils to charge a 100 per cent council tax premium on properties empty for longer than six months would generate an additional £1.3 billion by the end of next parliament while scrapping tax reliefs for buy-to-let landlords would add another £1.5 billion.

Mr Cox met with Mr Balls in Westminster (see photo) on Wednesday to discuss the findings and other tax issues but was left frustrated that the shadow chancellor showed no sign of changing his mansion tax plans.

"After meeting with the shadow chancellor and showing to him a haversack of independently produced evidence from the CEBR it's clear that the Labour Party leadership is not considering other fairer and considerably more effective family home tax raising approaches,” Mr Cox said. "They remain focused on taxing the nation's wealth creators and in many cases asset comfortable but income poor pensioners,” he added, saying the move was "ideologically driven” and reflects the "politics of envy”.

Sunday Telegraph 15th Feb 2015

posted by FairHomeTax Team  15.02.15 18:57

Friday, November 28, 2014

From independent market research by ComRes in October and November in two different samples of 2000 representative across the UK these were key conclusions: 
  • On first pass Labours proposed new levy is seen as a popular tax. However, the principles and driving forces behind the proposed Mansion tax are less popular. A majority of British adults think that new forms of taxation should focus on ability to pay, not be based on property value.

  • Similarly, a majority think that the NHS needs reform, not more money provided by taxation on property. Half see it as tackling the symptom, not the underlying problem.

  • These results suggest a general preference for savings through reform, not taxation.

  • The fact that the government would have to spend time and money valuing every house in the country is both the most important and most believable disadvantage of the ‘mansion tax’. British adults are also concerned about the impact on pensioners, the potential for the threshold for the tax to drop below £2 million, and the prospect of having to pay both tax and mortgage payments.

posted by FairHomeTax Team  28.11.14 10:00





For more details email contact@fairhometax.uk Tel: 07515421611   -  FairHomeTax, 1 Rammell Mews, Cranbrook, Kent TN17 3BQ

The Campaign for Fairer Tax on UK Homes is run by Howard Cox, the founder of the FairFuelUK Campaign.  Howard Cox is a staunch campaigner for stimulating the economy, motivating consumers and fighting unfair taxation. FairFuelUK, is the Nationally Recognised Award Winning Campaign fighting for lower petrol & diesel prices and is widely accredited with stopping £30 billion of road user taxes being levied on businesses & public in this Parliament. Without FairFuelUK prices at the pumps would be over £1.60 per litre. Its time for all Parties to recognise that the family home is not the tax cash cow for their spending aspirations. A property taxation reform is long overdue.