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Labour goes for a Mansion Tax

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  • John
    The Labour party have come out in support of a mansion tax if they will the next election in 2 years time. It proposes taxing properties worth £2m a yearly
    Message 1 of 5 , Feb 16, 2013
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      The Labour party have come out in support of a mansion tax if they will the next election in 2 years time. It proposes taxing properties worth £2m a yearly tax of around 1%. The policy has been supported by the LibDems for years. Not a LVT, but a big stepping stone in the right direction.

      Unfortunately it does not target land 100%. The tax takes into account land and the building. You may find the land is worth more than the building in London mansions worth over £2m. The LibDems also have mansion tax which the Tories in the coalition would not entertain. Vince Cable the LibDems top economics man viewed it as a way of getting a land tax in, replacing Council Tax, the current property tax.

      So a £2m house will pay £20,000 per ann. Nice. I doubt it will stop the mega-rich Russians and Greeks buying up London property. The lesser rich will shy away from a £20,000 per ann. tax. So something may happen.

      Ed Milliband, the Labour leader, is LVT leaning, not fully converted I assume.
    • Jock Coats
      I appear to be alone amongst my Lib Dem contacts in believing the Mansion Tax to be worse than useless in heralding a proper LVT. It will be seen as a tax on
      Message 2 of 5 , Feb 16, 2013
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        I appear to be alone amongst my Lib Dem contacts in believing the Mansion Tax to be worse than useless in heralding a proper LVT.

        It will be seen as a tax on aspiration. The benefits of LVT are not primarily in revenue raising, which the Mansion Tax unashamedly is, but in the beneficial effects of a low rent economy. THis will do nothing to demonstrate those benefits and everything to make people think that any further proposal for LVT is simply about raising more money.

        Far better, since Vince is in charge of the relevant department, and it is party manifesto policy, and the existing tax it would replace badly needs reforming, would be to replace National Non-Domestic Rate with Site Value Rating.

        And doubly good - far better than giving Mary Portas thousands of pounds for her committees to dress up as cartoon characters to revive the high street.

        On 16 Feb 2013, at 14:17, "John" <burns-john@...> wrote:

        > The Labour party have come out in support of a mansion tax if they will the next election in 2 years time. It proposes taxing properties worth £2m a yearly tax of around 1%. The policy has been supported by the LibDems for years. Not a LVT, but a big stepping stone in the right direction.
        >
        > Unfortunately it does not target land 100%. The tax takes into account land and the building. You may find the land is worth more than the building in London mansions worth over £2m. The LibDems also have mansion tax which the Tories in the coalition would not entertain. Vince Cable the LibDems top economics man viewed it as a way of getting a land tax in, replacing Council Tax, the current property tax.
        >
        > So a £2m house will pay £20,000 per ann. Nice. I doubt it will stop the mega-rich Russians and Greeks buying up London property. The lesser rich will shy away from a £20,000 per ann. tax. So something may happen.
        >
        > Ed Milliband, the Labour leader, is LVT leaning, not fully converted I assume.
        >
        >

        --
        Jock Coats
        Warden's Flat 1e, J Block Morrell Hall, OXFORD, OX3 0FF
        m: 07769 695767 skype:jock.coats?call
        jock.coats@... http://jockcoats.me
      • roy_langston
        ... All properties, or only residences ( mansions )? If it doesn t tax vacant land, it s worse than useless. -- Roy Langston
        Message 3 of 5 , Feb 16, 2013
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          --- In LandCafe@yahoogroups.com, "John" <burns-john@...> wrote:

          > The Labour party have come out in support of a mansion tax if they will the next election in 2 years time. It proposes taxing properties worth £2m a yearly tax of around 1%.

          All properties, or only residences ("mansions")? If it doesn't tax vacant land, it's worse than useless.

          -- Roy Langston
        • Jock Coats
          ... It is. Worse than useless I mean. -- Jock Coats Warden s Flat 1e, J Block Morrell Hall, OXFORD, OX3 0FF m: 07769 695767 skype:jock.coats?call
          Message 4 of 5 , Feb 16, 2013
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            On 16 Feb 2013, at 17:42, "roy_langston" <roy_langston@...> wrote:

            > --- In LandCafe@yahoogroups.com, "John" wrote:
            >
            > > The Labour party have come out in support of a mansion tax if they will the next election in 2 years time. It proposes taxing properties worth £2m a yearly tax of around 1%.
            >
            > All properties, or only residences ("mansions")? If it doesn't tax vacant land, it's worse than useless.

            It is. Worse than useless I mean.

            --
            Jock Coats
            Warden's Flat 1e, J Block Morrell Hall, OXFORD, OX3 0FF
            m: 07769 695767 skype:jock.coats?call
            jock.coats@... http://jockcoats.me
          • Harry Pollard
            Well said! Harry ... From: LandCafe@yahoogroups.com [mailto:LandCafe@yahoogroups.com] On Behalf Of Jock Coats Sent: Saturday, February 16, 2013 6:41 AM To:
            Message 5 of 5 , Feb 16, 2013
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              Well said!

              Harry

              -----Original Message-----
              From: LandCafe@yahoogroups.com [mailto:LandCafe@yahoogroups.com] On Behalf
              Of Jock Coats
              Sent: Saturday, February 16, 2013 6:41 AM
              To: LandCafe@yahoogroups.com
              Subject: Re: [LandCafe] Labour goes for a Mansion Tax

              I appear to be alone amongst my Lib Dem contacts in believing the Mansion
              Tax to be worse than useless in heralding a proper LVT.

              It will be seen as a tax on aspiration. The benefits of LVT are not
              primarily in revenue raising, which the Mansion Tax unashamedly is, but in
              the beneficial effects of a low rent economy. THis will do nothing to
              demonstrate those benefits and everything to make people think that any
              further proposal for LVT is simply about raising more money.

              Far better, since Vince is in charge of the relevant department, and it is
              party manifesto policy, and the existing tax it would replace badly needs
              reforming, would be to replace National Non-Domestic Rate with Site Value
              Rating.

              And doubly good - far better than giving Mary Portas thousands of pounds for
              her committees to dress up as cartoon characters to revive the high street.

              On 16 Feb 2013, at 14:17, "John" <burns-john@...> wrote:

              > The Labour party have come out in support of a mansion tax if they will
              the next election in 2 years time. It proposes taxing properties worth £2m a
              yearly tax of around 1%. The policy has been supported by the LibDems for
              years. Not a LVT, but a big stepping stone in the right direction.
              >
              > Unfortunately it does not target land 100%. The tax takes into account
              land and the building. You may find the land is worth more than the building
              in London mansions worth over £2m. The LibDems also have mansion tax which
              the Tories in the coalition would not entertain. Vince Cable the LibDems top
              economics man viewed it as a way of getting a land tax in, replacing Council
              Tax, the current property tax.
              >
              > So a £2m house will pay £20,000 per ann. Nice. I doubt it will stop the
              mega-rich Russians and Greeks buying up London property. The lesser rich
              will shy away from a £20,000 per ann. tax. So something may happen.
              >
              > Ed Milliband, the Labour leader, is LVT leaning, not fully converted I
              assume.
              >
              >

              --
              Jock Coats
              Warden's Flat 1e, J Block Morrell Hall, OXFORD, OX3 0FF
              m: 07769 695767 skype:jock.coats?call
              jock.coats@... http://jockcoats.me









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