THE CHANCELLOR was wrong to row back on plans to impose a ‘mansion tax’ on expensive properties, according to our online audience.
Of the 123 polled, little more than a quarter – 28% – agreed with the move, amid concerns that asset-rich, cash-poor people could be caught by its introduction. The remaining 72% disagreed with abandoning the measure, noting its potential for tackling tax avoidance issues.
The ‘mansion tax’ – originally proposed by Vince Cable – would have seen a rate of 1% or 2% of the property’s value above a threshold of £1m to 2m, but both David Cameron and George Osborne ruled out its introduction.
In ruling out the tax at the Conservative party conference, Osborne said he was concerned the policy “will be sold to you as a mansion tax” before the election, and then afterwards, “a lot of the people in Britain are going to wake up and find their more modest homes have suddenly been reclassified as a mansion”.
Vote in Accountancy Age‘s latest poll:
Brexit could hit UK GDP by as much as 3% by 2020, the international economic body has claimed
Governmental pressure to crack down on tax evasion is resulting in HMRC applying its criminal investigation policy in an inconsistent manner, writes Kingsley Napley's David Sleight
Colin takes a wry look at how accountants are funding their retirement
Chancellor releases tax return following the controversy surrounding tax affairs of politicians, reveals connection with accountancy firm HW Fisher & Company