The tax would be hugely skewed to homeowners in London and the South East. Some 91% of the tax take would be paid by homeowners in these two regions, a massive £955million. All the other regions put together would pay the remaining £95million between them.
Astonishingly, 10% of the total national tax take would come from just one district in London – Notting Hill – 1814 homeowners here would shoulder a £105million tax burden.
The top ten areas in the country, all of which are in just four London boroughs, would account for more than half (54%) of the UK mansion tax yield, a total of £567million. Kensington & Chelsea, Westminster, Hammersmith & Fulham, and Camden would together pay 61% of the UK total, with Kensington & Chelsea alone paying almost a quarter (24% or £252million).
Overall, Londoners would pay 80% of the UK total.
Nicholas Leeming, commercial director of Zoopla.co.uk said: "Property in London and the South East is already the most highly taxed in the country.
"Stamp duty thresholds and inheritance tax already discriminate against those who live in these two regions. The Libdems’ so-called mansion tax would slap another huge bill on the same areas at no political cost to themselves given the low levels of support they have in these areas. To expect residents of just four local authorities to stump up £640million in tax while most of the country escapes scot free is an outrage."
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