CHANCELLOR GEORGE OSBORNE has branded Labour proposals for a mansion tax as a “tax con”.
Labour leader Ed Miliband and shadow chancellor Ed Balls announced the plans to place a levy on £2 million-plus homes, stating this would go towards paying for a 10p income tax rate.
Appearing on ITV show The Agenda to be broadcast this evening, Osborne strongly rejected the policy, saying: “It’s very costly to implement. It means you have to send inspectors round the county valuing all the homes – not just those over two million but those worth less.”
The chancellor added: “It’s actually a tax con that you know there aren’t that many mansions in the country that can be taxed to pay for some tax cut on millions of people.”
The scheme is either a “tax con” with the money coming from somewhere else, or would soon become a “homes tax” on those who are not living in mansions at all, said Osborne.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals