90% of mansion tax to be paid by London & SE

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."

Have your say on this story using the comment section below

0 thoughts on “90% of mansion tax to be paid by London & SE

  1. Major Landlord

    It seems the Lib Dems are following hot on the heals of Brown’s mob, in re-opening the old forgotten class wars, holding up the “rich” as the pariahs of society, and chasing votes by a public demonstration of “toff-thumping”.

    Unfortunately, what they and Brown clearly fail to understand is that many of the owners of these larger and more valuable properties are the captains of our industry and commerce. The people who drive what is left of our economy. The people who take risks, and work hard, to create wealth, opportunity and employment – and already pay more than their fair share in taxes.

    There are many problems in this country, but the biggest of all is the fast-spreading, deep-seated depression of a people who are now reviled for showing any drive and initiative, for being successful, and for then sinfully wishing to enjoy the fruits of their hard work. This does not just threaten the already-wealthy, but those who aspire to be successful.

    In short, both Labour and the Lib Dems are committed to killing all aspiration. Their model society will be one in which we all live in identical 2up-2down houses, ride bicycles, support failing state schools, queue for non-urgent medical treatment, wear identical uniforms to go to work, and sing a company song. There will be no private enterprise, no individualism, no motivation to work harder than the next guy. And the brainy, the clever, the hard-working and the innovative will flea these shores (as they are already starting to do) just as they did in the 60s and 70s. Meanwhile the party members will be all-powerful, live in large houses paid for by the state, send their children to private schools, and enjoy a wonderful life of privilege.

    I am not an aristocrat, I was not born with a silver spoon in my mouth. I was born and brought up in slum, and my mother hid when the coalman called for his money and she had spent it on food. Like many others, I am totally self-made, and just starting to enjoy the fruits of my labours after 38 years at work. I export 70% of my production, and bring much needed foreign money to our economy. Why should I NOT have a large house if I choose? (I don’t have one yet, but I live in hope). And why should I be penalised for doing so?

    Everyone should have those same rights to enjoy the fruits of their lifelong efforts. But none of us will, if we let these damned socialists continue to pander to the under-classes they have created in order to bolster their votes, by beating up and ultimately scaring off the very people who might make this country successful once more.

    Bring back opportunity. Bring back a fair day’s pay for a fair day’s work. Get rid of the spongers, and the parasitic politicians who say one thing but mean another. Create a society in which everyone can work as hard as they wish, and is then not penalised for success. Make government the servants of the people, not the people the slaves of the goverment.