Govt rejects 'mansion tax'

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.ADNFCR-1222-ID-801501635-ADNFCR

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