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Lib Dem Policies 1: the Mansion Tax

April 17, 2010

First proposed by Vince Cable, Lib Dem ‘Shadow Chancellor’.

What is it?: It’s a levy of 1% on the capital value of all dwellings valued at more than £2million (originally he proposed £1million, but backed off when it was pointed out that his constituency and those of Mr. Davey and Ms. Kramer contained several such dwellings!). This would mean, for those affected, a levy of £20,000 straight off.

Comments: A piece of Socialist ‘soak the rich’ politicking. Vince is ex-Labour. Superficially attractive if your home isn’t worth £2m. Would depend on the valuation and who made it. A lawyers paradise! – would lead to numerous costly valuation challenges – after all, if your house is valued at £1,999,999 you pay nothing – but at one pound more, you’re out of pocket to the tune of £20k! Also capable of extension to lower levels once introduced – remember he started with £1million! Inflation will drag in more people anyway. Think about the capital value of your home now compared to what it was,  say, 15 years ago.

If you vote Liberal Democrat – this is what you’re voting for.

More anon!

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