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I agree this mansion tax idea is bonkers
The latest tax figures in the link below show that SDLT is now raking in about £1bn per month. This mansion tax could end up causing less SDLT to be collected through depressing £2m+ house prices and transactions. Wouldn't it be better and easier to just raise the SDLT rate on £5m+ homes to 8%, £10m+ homes to 9% and £20m+ homes to 10%? No-one (apart from the Candy brothers et al perhaps) would complain about that.
https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-...
Changes Afoot
It worries me slightly that these type of "soak the rich" policies are floated by mainstream political parties. It seems to fly in the face of working towards economic recovery.
However, politics aside, I fear there is worse to come - particularly for the Scots if the Marxist SNP are still in power when Scotland is handed proper tax raising powers, rather than just rate-tinkering.
I suppose I'm looking a gift horse in the mouth as it could mean much more tax planning work. But, call me old fashioned, I prefer a stable and predictable tax system to attract inward investment.
Or maybe I'm just getting old.
Why worry
With the two Eds blocking "English devolution" and trotting out tired old socialist ideas I don't think the electorate will be daft enough to elect them. I have no doubt that as the election approaches, Labour will recycle Alex Salmond's scare stories about the NHS being privatised.
Invariably......
Spending plans turn out to under-estimate the amount that will be spent.
Taxing plans over-estimate the amount of tax that will be gathered.
oh goodie, it's that run up to election time again
its now started, pledge on this, pledge on that. tax on this to get votes, relief on that to get vote.
then the usual June statements, oh our pledges are not possible anymore..
same old rubbish this time of the political calender.