Govt rejects 'mansion tax'
Chancellor George Osborne has confirmed the government will not be
introducing a new tax on higher-value properties, but claims
legislation published next week will prevent the richest from
avoiding paying stamp duty.
During his Autumn Statement to the House of Commons, Mr Osborne
insisted that introducing a new property tax would be "intrusive"
and difficult to enforce as it would require the re-evaluation of
hundreds of thousands of properties.
At the Budget in March, Mr Osborne announced a stamp duty rise on
homes worth more than £2 million to seven per cent.
But he confirmed that despite pressure from some MPs, the
government would not be implementing a property tax.
“In my view it would be intrusive, expensive to levy, raise
little and the temptation for future chancellors to bring even more
homes into its net would be irresistible. So we’re not having
a new homes tax," he said.