To think an annual property tax is incredibly unfair?

I understand the increased tax on second homes. The tax on people’s only safe nest feels very different to me.

Yes, taxes have to be raised. But how much tax? We are already raising record amounts of tax. How much does the government need to spend and redistribute?

The long term average tax take in the UK is 24.3% if GDP. It has leapt to 34.2%. This means citizens keep less of their own money. Arguably we are hitting the limit of what the government can spend effectively. It would be better allocated by the people themselves.

The government has to raise money to spend on taxes (i think it could do with slashing spending but hey) so what’s the best way to do that? We tax a range of areas but taxing assets is thought of as fairer than just taxing income. What’s the best property tax? Taxing property transactions (something good for the economy) or finding some other way of raising taxes?

We have taxes that tax harmful practices to disincentives them - gambling, sugar, fags, booze. The additional tax on second homes is one too. It’s damaging to locals wanting to buy a property to have people buy them for second homes, which is why most people have zero sympathy for second home races.

“They” were merely pointing out that that poster is clearly getting poor financial advice if her assertion is correct. No hoops have been jumped through or opinion given. HTH.

They'll jump through hoops to legitimise tax avoidance while fiercely supporting socialist policies. They are remarkably consistent in their inconsistency.

That post wasn’t about me personally. It was about the disparity between the most deprived and wealthiest parts of the country. Did you even open the link? Nottingham isn’t a rural area nor are Blackpool or Walsall. Getting arsey with me because your argument falls down doesn’t change the facts.

Not sure about wealth or assets. Our mortgage is £2K per month, the term is into our 70s and we have very little equity.

We are not young either mid 40s. It took us a long time to 'get on the ladder' after many years of renting. Despite property prices increasing so much, it was still preferable to have our 'own' mortgaged home where we were not subject to other people's plans and could paint walls and put up pictures, get a pet etc.

Our 'plan' has always been to downsize and buy outright when the DC leave home. I don't know how realistic the DC moving out is though...

No, I don’t. I pay my taxes as I should, no fiddling or loopholes. Because it’s the right thing to do.

My bill would be lower so I am 'all right Jack' lol.

You need to get a new accountant if that’s the case.

*blackhole

No you’re right, by the time I’ve paid Corporation Tax and personal tax I pay far more than I did as an employee. And I already paid more for my “big expensive” house in the form of stamp duty.
This rhetoric of “the rich” not paying taxes pisses me off just as much as the “poor are lazy” rubbish.

They already are subject to higher tax. You pay a far higher rate of Stamp Duty and double council tax?

I read we have a £15b Blackmore to plug and Andy isn't ruling oit putting up incomr tax. There is always a black hole ffs why, how? You think 0.48% will be forever dream on it will go up to continue to plug in these so called blackheads thay keep appearing. So be happy now but if this happens don't come back complaining when you find you can't afford it anymore and have to sell up

Long overdue, very sensible policy, and much fairer than what we currently have. There's a reason it has cross-party backing.

And if you sell up your expensive house and move to a cheaper area using your spending power to outbid locals , is that fair?
If you don't want London prices, dont live in London.

i would have pay £12k Pa. I bought a derelict house 15 yrs ago and did it up. I’m very lucky house values have gone up but I can’t liquidate that wealth until I sell and I work in the public sector and there’s absolutely no way I could afford £12k a year in council tax as I don’t earn enough. Taxes should be applicable at point of sale of property or on income. Have a higher rate for higher earners who are earning that wealth. I don’t have the cash to pay more until I move. Taxing assets sounds easy and makes a good story but to me it’s not fair unless it’s at point of sale

Are you really saying that, going forward, the main purpose of owning a home is to generate more tax for the Government rather than provide people with long-term security? Why is it always about tax? At what point do we start talking about the Government's role in delivering or creating the conditions for growth instead of finding new ways to tax people?

I get that you resent that you had to pay stamp duty. I don't agree with your solution: to have more people living on your street who can afford today's prices and, by default, a higher annual property tax? If the collateral damage of displacing elderly owners, especially those with generous DB schemes, is workers on more ordinary salaries being forced into debt to stay or to into selling, then so be it? really? They may have moved there before people like you gentrified it, but tough.

The housing shortage hasn't gone away. We still haven't built enough of the right homes in the right places. So what is your solution? Because taxing people to encourage them to move doesn't solve that problem. It simply shifts the pressure elsewhere in the market and distorts it. But serves them right, because, "Who retires to a 5 bed house???"

So it's not about fairness. It's about legitimacy based on who can afford to pay the highest ongoing annual property tax to the Government. The more tax you can afford, the more deserving you are.

And second houses are an asset as they are an investment. Your home you live in isnt an asset its your home we all need one. Anything more should then be treated as wealthy assets.

the real question should be why are 2nd and subsequent houses, corporation owned or air bnbs/business-residentials not charged double council tax as they should be, would fix the issue as you would tax the rich only.

@Bellic
The majority of people are ‘winners’ when it comes to the overall tax take too, with people not being net contributors until they earn well over the average wage. And that’s because income tax is paid mainly by those who earn masses
What about people who do tough jobs for not very much money? They may not be paying much tax but they keep the wheels turning and that means they contribute to society.
Wealth is created collectively.

The majority of people are ‘winners’ when it comes to the overall tax take too, with people not being net contributors until they earn well over the average wage. And that’s because income tax is paid mainly by those who earn masses. In the same way that the majority can pay less because larger houses are being hammered much more.