Should homeowners pay higher taxes on "mansions" valued over £2m?
Currently, the UK does not tax residential property on an annual basis. The "Mansion Tax" is a proposed annual property tax on homes valued at or over £2 million that would increase tax revenue to allow for a decrease in tax rate for low earners. Proposals estimate that properties valued between £2m and £3m would pay £3,000 per annum, but properties over £3m would pay considerably more. Commentators have suggested that in order to raise the projected £1.2bn, the Mansion Tax payable on homes over £3m would have to be £28,000.
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@4WS739J6yrs6Y
@9FC5JFF3yrs3Y
@4WQVDS26yrs6Y
@4WM99SB6yrs6Y
@4XM8PZB6yrs6Y
Yes, especially since the government has issued the bedroom tax, targeting many lower income families. Having seen local residents forced to move out of their homes because they cannot afford the bedroom tax, they should also bring in the mansion tax. The wealthy have not seen any tax increases under this government, theirs have been cut, yet the lower class families have been far worse off especially due to services cut by the same government that's cutting taxes for the higher class.
@B5V476P1yr1Y
@B4GGX671yr1Y
Progressive Structure: Instead of a flat mansion tax, implement a graduated system (e.g. 0.3% on £2–3m, rising in tiers beyond that).
• Deferral Options: Allow low-income residents to defer payment until the sale of the property, preventing unfair burdens on the elderly or “cash-poor” homeowners.
• Council Tax Reform: Consider updating council tax bands to reflect modern property values, which may be a more effective long-term solution.
• Targeting Empty or Investment Properties: Apply higher rates to second homes or properties owned by non-resident investors, rather than all owner-occupied homes.
@9QKFXSH2yrs2Y
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Based on 330k responses to this question.
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