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Certainly the threshold won't be increased, but, additionally, once the position is accepted that central government can impose a rental, for no return, on property you might expect it to be widened. Remember Council tax, also a tax on property, is in exchange for the services we get from our local council, but this property tax is in exchange for nothing. Indeed those hit by this tax are amongst the relatively few people, in general, who are net contributers to national income, as opposed to net benefitters. -
The new tax will go up annually by the rate of CPI which is a lot more than 2.6% under this government. but the threshold is not going to be increased by inflation. So soon enough a lot more of you people will be living in mansions that are subject to this tax. -
So much bitterness is being aired here towards people who own their own house Sad -
For folks who are trapped in £2M houses that they just simply can't move away from and see themselves as asset rich but cash poor as they bought it for a small fraction of the current value back in the 80's or whenever, how about this: House inflation in the UK is currently 2.6% pa* - that equates to £52,000 per year gain on the asset. Don't worry at all about the money you've earned to date by just simply living in your own house, but from this point you could realise (borrow against) that whopping £52,000 a year that the property is going up by, and cover this new tax amply. *yes I'm aware London is dragging compared to national figures here, but family homes in London are outperforming smaller properties, and that has certainly not always been the case.
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