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By van dessel · Posted
Just had fun on RightMoves - luckily everything on my street is sub £2mm so if the valuation method is recent trading multiples then we'll all be OK...for now. The new tax law might create an artificial resistance point at the £2mm level where natural inflation will not bring a certain population of houses over the threshold. If I had unlimited funds this place would be AMAZING!! https://www.rightmove.co.uk/properties/162706352?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY Total 1-off that obvs pre-dates the other houses around it. -
There was an interesting chat about this on the budget The Rest Is Politics and they highlighted a challenge that taxation levels are now getting to Scandinavian levels yet our public services are nowhere near as good as theirs and the government is pouring money in to, for example, the NHS but people aren't seeing the improvement as (the politically dreaded) productivity is actually going down. They cited 20% to 30% more investments in nurses etc yet productivity is at around 7.8%. This is a big challenge for the government because if people don't feel the difference or feel they are getting good value for money they will turn on them very quickly. -
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.
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