A mansion tax would be complex, unfair and would lose more in tax revenues than it would bring in, a new study has found
A mansion tax would be complex, unfair and would lose more in tax revenues than it would bring in, a new study has found.
The report from the Centre for Policy Studies came amid claims that the Liberal Democrats were ready to scrap their opposition to scrapping the top 50p tax rate in return for the tax on homes worth over £2million.
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One senior Lib Dem minister said that Conservatives and Lib Dems were not “intellectually wedded” to the 50p rate.
Under Lib Dem plans being considered by Chancellor George Osbrone the Government would bring in some form of new tax on properties worth more than £2million.
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However study published today suggests the measure would “unfairly target the income poor, equity rich” who had lived in their homes for decades. It would also be “both difficult and expensive to value all relevant properties”.
It said that a third of London homes worth more than £2million have been owned by the same family for over 10 years.
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