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:
Making Tax Digital responses to the consultations expected in January 2017
Further corporation tax cuts and reliefs for cutting-edge tech businesses have been pledged by prime minister Theresa May, ahead of Wednesday’s Autumn Statement
The UK has not followed the global trend for reducing income tax over the past two decades
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes
HMRC receives highest number of complaints in seven years; Deloitte scoops BP and Centrica audits; and corporate reporting under the microscope in our latest Friday Afternoon Live broadcast