AIBU to think a £2m homeowner should pay mansion tax?

I just did return flights LHR > JFK - dates not important.

How about any adult passing through border control pays a £50 per person every time they go in and out of the country. You can afford the trip, so you can afford to pay this levy. It’s £50 per entry or exit.
Yeah - we already do

• £1,439.39
• Fare
• £876.00
• Air Passenger Duty (Apd)
• £102.00
• Passenger Service Charge Departures
• £50.79
• Passenger Civil Aviation Security Service Fee
• £4.20
• Transportation Tax International Departure Including Ak And Hi
• £17.60
• Transportation Tax International Arrival
• £17.60
• Aphis Passenger Fee Passengers
• £2.90
• Immigration User Fee
• £5.30
• Customs User Fee
• £5.60
• Passenger Facility Charge
• £3.40
• Carrier Imposed Charge
• £354.00

I never understand this. There is no part of the country where someone is forced to buy a £2m house. Even in London, that’s an exceptional budget with 99% of people not living in houses worth that much. These posts make it sound like they had no choice

the elderly especially in the South are likely to be in this position, however that are asset rich and cash poor and can’t afford to actually pay , so should they sell a home they have lived in for 60 plus years just to pay a tax bill from a greedy Government?

the same house in the North will be substainally cheaper, so why should those in the South who have worked hard all thier life have to pay something when others won’t? It’s already difficult with cost of living issues in the south

we are all taxed to the hilt during out working life, we pay tax on our salary, but if we save and interest exceeds £1k or £500 pa depending on your tax band that money saved after you pay tax is taxed again. We pay inheritance tax at 40% capital gains tax on properties at whatever and so it goes on

there is only so much of a pot.
Instead of hammering house owners they need to start looking at Amazon etc, amd make sure they pay more in tax

Its only a benefit to the person as in provides some options to escape to the country for cheaper prices. Many of us wouls prefer house prices hadnt gone crazy because we have kids so how does it help when you have 1 house but 2 kids trying to buy later on at 100% extra and kids are only teens...
Our wages would hae to pay 17k a year mortgage but wages havent risen.

I mean the guy /family will likely owe iht on 1m so at 40% thats 400k in up to 10years. So its not like any kids of his can move in there.

People make choices about where to live or retire etc on what the costs are and lkkely to be.
A lvt for eg may start at 0.48% but how quickly would it go up. And how wrong for all cou cil services to be paid only by owners where would motivation to buy be? Over 20year ours is 40k CT. Homeowners already surely paying the bulk of care home fees?

Or are we going to cap off the saving of 1-2k from UC/DLA/pip for any renters?

He IS entitled to it in its entirety. Not sure what planet you live on but he bought and paid for that house and it belongs to him not the government or anyone else. It’s not a community asset.

Yep, my mum
moved aged 82 having been completely self-sufficient in the house she had lived in for decades.

she could still use her washing machine in the flat she lthen lived in, because she’d brought it with her. She could not operate the new washing machine or her new tv when the old one broke

if she left the flat and it’s grounds, she got lost. She couldn’t fathom new bus or train routes she had basically been operating on brain ‘muscle memory’. Her brain wasn’t plastic enough to learn anything new

she had to go into a home and died fairly quickly.

He’s paying the tax that everyone else in his street is paying! 🤷‍♀️

So you think he should not pay tax that everyone else in his road has to pay, because he is old?

Take in a lodger?
Equity Release?
Move? (appreciate its his home)
Sell off part of his garden (sometimes this is possible)

Why is his age a factor ?

I am not against the tax as such. But it does need to take into account all factors.

If a typical family home is £100K in an area, then a £2m home is going to be out of the ordinary for that area.

In parts of London, not so much, I would assume it's more in the higher end of normal for a decent sized family home. Not necessarily the "mansion" implied.

It does seem quite likely that the state will get at least £400,000 in IHT from it in the near future. That’s seems a good chunk.

It is a slippery slope though.

How about any homeowner who has their name on any kind of house deed immediately has to pay a one off charge of £500 to the govt. And if you don’t have the liquid cash, the govt could compel your lender to just add the 500 to your mortgage balance. And it’s per person so if you and your spouse own a home, you each pay. That would be the “most able” people in society paying. Nobody in a council home would need to pay, renters wouldn’t need to pay. Students wouldn’t need to pay. So it could be argued as “fair” and necessary. And however many deeds your name appears on, you need to pay multiple loads of the £500. And it needs to be today. So the govt can have a multi billion pound immediate financial bonus.

Very slippery slope.

How about any adult passing through border control pays a £50 per person every time they go in and out of the country. You can afford the trip, so you can afford to pay this levy. It’s £50 per entry or exit.

Where will we stop

Or, when will we wise up and realise that taxing the shit out of the guy next to you who you think is richer than you isn’t the solution. And perhaps tackling the insanely wealthy people who have compounding wealth and are draining us.

Explain. We’re talking about wealth here.
People with a portfolio of investments in shares pay tax on the dividends they earn, not the value of the portfolio. The portfolio value is only taxed when shares are traded/sold.
Why should a home be any different? He’s not selling his home.

You do understand Christianity is giving a fuck about other people?

I feel quite uncomfortable about this.

it’s well known that elderly people can deteriorate very fast after moving house (because if they’ve lived somewhere for a long time they remember where everything is and how to use it, but learning new ovens and microwaves and showers css as n become very difficult).

equity release has had twenty years of newspapers and media generally warning about it as people can and have lost their homes while still alive.

in general I’m in favour of a property tax but I do feel sorry for him.

Have a heart.

He’s 90.
He’s lived there all his life. To you his house is an
asset, to him it’s his home.

When we mention council housing and whether tenants should move after their children leave the house, we’re always reminded that’s this is their home and they shouldn’t be expected to move. Same when a social tenant starts having a good salary.

Why are they more deserving of their home?

want to see the issue of family trusts tackled. It’s disgraceful that IHT is really only paid by estates just about rich enough but not rich enough to have all the avoidance mechanisms of the super rich. The super rich are actually gaining more and more and more. And that drives up everything - house prices for eg. How many motherfuckers are owning 200+ properties in a housing crisis for eg. Those are the ones that need bashing. Not this guy.

This in bucket loads.. the really rich people pay nothing, so why should he. Let’s start with trust funds and work our way down.

Surely it’s the fault of successive governments failing to tackle the housing crisis, including right to buy, landlords and BTL’s that are causing a problem, more than a 90 year old living in Richmond.
Its getting to the point where you might as well not bother trying to own a home, and just not bother working at all.

I am not envious - why would I be envious?

I am however, not a believer that someone has an asset be it a house/home/other that they wish to leave to children etc shouldn't pay their way.

There are options - they can get a lodger, equity release, move.

Both.
If someone buys a ‘mansion’ (expensive home), they pay stamp duty.
When they live in it they pay Council Tax.
If they don’t live in it, they pay double council tax.
It is obscene to then tax them purely because they own an expensive home. What about people who spend their money on cars or stocks and shares instead? Why target homes? People doing the right thing!?

To on top of that try to punish someone who has simply lived in a home for 60 years, and through no fault of their own has ended up with a high value property? They are under pressure to sell or release equity so that the government can get its mitts on money before they get to tax it on death?! It’s sick.

I mean that is a huge profit however...
If we paid say 170k for a small 3 bed semi that is now worth 400k. Its taken over 25y... And seems a good increase but still an average or below non detached house. Its just in a now more expensive area. But then 20y of cou cil tax of 1-2k+ per year. Stamp duty mortgage etc etc. It is not like we have made anywhere near 200k as just maintaining a house and did a garage, driveway etc etc.

What i mean is these are dispropoortionally affecting expensive areas but theyve paid more stamp duty, more to removate etc more mortgage. Seems unfair to consider what could be small or very small properties a mansion or for LVT if actually they are average!

However i do think a tax on CT in london where the CT is crazy low presumably due to shoos or few elderly, dont they even have fewer kids etc too there

Not really. Bank of England inflation calculator says that was equivalent to £250k today.

There are some dreadful people on this site.

his home is onyl worth that at the expense of younger people. He didn’t earn it.