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.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward