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LABOUR’S EMILY BROTHERS ARGUES FOR A MANSION TAX ON THE HIGHEST-VALUE PROPERTIES
WEDNESDAY 22 OCTOBER 2014

 

 

Photograph –£50M Mansion in Mayfair 


Parliamentary Candidate for Sutton and Cheam, Emily Brothers has set out Labour’s plans to raise £2.5bn for an NHS Time to Care Fund, as part of their ambition to save and transform the NHS. The Time to Care Fund will include an additional 20,000 nurses and 8,000 GPs by 2020 from the current level and a one-week cancer test guarantee. Ms Brothers said:
“The £2.5bn for the NHS Time to Care Fund will be raised not from everyday working people, but by ensuring that hedge funds and other tax avoiders play by the rules - asking those at the top to pay more. As part of the package, Labour is confirming that we will introduce a tax on high value properties over £2 million.
“When working people are already paying more and have seen their wages fall by an average of £1,600 a year since 2010, it is right to ask those who have the most to make a bigger contribution.
“I don’t think it is fair that the average person pays 390 times more in council tax, as a percentage of the value of their property, than the billionaire buyer of a £140 million penthouse in Hyde Park – who has seen its value rise by around £6 million in the last few months alone.
“Through our proposed tax on prime value properties, Labour is making a difficult but fair choice to save and transform health services. Alongside a levy on tobacco firms and action to tackle tax avoidance and close loopholes, £1.2 billion of this much-needed revenue will be raised through a tax on prime value properties worth over £2 million today - less than 0.5 per cent of homes in our country.

 

Photograph –£30M Mansion in Kensington 

 

Labour will introduce a Mansion Tax on high-value properties over £2m. Under our plan:
• The £2m threshold will rise in line with the average rise in prices of high-value properties over £2m. This will ensure that the number of properties paying the tax will not increase. If prime property prices continue rising then by the time the tax is introduced the starting point will be higher than £2 million.
• People who find themselves living in high-value homes but do not have an income high enough to pay the higher or top rate of income tax — in other words earn less than £42,000 a year — will be guaranteed the right to defer the charge until the property changes hands.
• The tax will be progressive so that those owning properties worth £2-£3 million will only pay an extra £250 a month through this new tax – the same as the average top band of council tax. Owners and investors in properties worth tens of millions of pounds should make a much bigger contribution. We will look at asking overseas owners of second homes in the UK to make a larger contribution than people living in their only home.
• We would use a banded system so that the tax is administratively simple. This means valuations will not be needed for most properties as it will be clear which band the property falls.

 

Photograph – Inside of £250M Mansion in Mayfair

 


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