Labour’ proposing a new property tax

You re acting as if Labour have actually gone and done all of these things... did you sell your ISA's too, based on rumour?

Have you seen the budget plans? no you have not

These "Stories" are just right wing media scaring people, kept alive by people like you & a few others, who keep spreading them, without a shred of evidence.

There were threads all over MN, pre election and October budget on the removing of the single persons discount for Council Tax... guess what, never happened.

CT reform would take years, millions of properties to re value, appeals etc etc.... and electorally, suicidal.

Same with extra taxes on BTL, all would be passed onto tenants, often the most least well off.... wont ever happen.... see above.

But i suspect you'll just carry on spouting falsehoods.

Yes, it's called Fabianism.

We tax things like smoking because we know taxing something discourages that activity. Labour have taxed jobs and the inevitable has happened, they will end up driving up the prices of cheaper properties and just add another shit ton of tax on normal family homes on much of the south. People are just going to start giving up.

Think theres talk of adding NI to tax paid by landlords, either the cost will be passed onto the tenants and/or reduce supply of rental homes, which will of course lead to an increase in rents.

No-one can be this stupid, it has to be ideological.

They'll probably add some other extra tax, just for landlords. The cost of which landlords will obviously pass on to tenants. That's what businesses always do in order to keep the profit margins they need to make being in business worthwhile, (rather than investing elsewhere).

Some landlords will decide it isn't worthwhile and sell. That will make the housing shortage for tenants even worse - which will increase rental prices further

And it won't even increase the supply of houses to buy by an equivalent amount. REnted homes are generally less under-occupied than owned houses, since the cost of moving to better suit changing needs is lower..

Why are you hoping to make things worse for renters?

Hopefully.

I live in leafy Surrey. There are lots of flats, terraces and some 3 bed semi detached currently under £500k.

However I assume like many taxes, the threshold won't increase and within 10 or 20 years, even fewer properties will be under 500k.

The Sutton buyers will already pay £10k more stamp duty than the Liverpool buyers: £17k stamp duty for the 3 bed terrace versus £7k stamp duty for the 5 bed detached house in landscaped grounds. No stamp duty on the ponycycle.

I mean, don't get me wrong - the Sutton house is really nice. At that level of mortgage, I'd expect it's owned by a dual professional income couple - eg a solicitor and teacher. Who will have to go back to work straight after maternity leave to keep the mortgage payments up.

But it's nothing like the Liverpool house - with 5 bedrooms and 2 huge living rooms, detached in landscaped gardens, huge new kitchen and a fucking pony cycle in the living room.

In what world should they be subsidised by the Sutton family in their 3 bed terrace?

This also shows the blatant unfairness of council tax being based on house value.

Why on earth should the family living in the little Sutton terrace pay more council tax than the family living in the stunning Liverpool mansion?!? Per person council costs are lower in densely populated areas - like small terraced houses - since there's a smaller area to service.

But Rayner plans to 'redistribute' London council tax - from people already being rinsed for higher living costs and higher tax - and give it to people she deems more worthy. It's state-sanctioned theft, plain and simple.

Will all housing need to be revalued. To determine the value of your home. Will the new value then increase the original council tax banding.

So the owners of this rather lovely 5 bed detached house in the outskirts of Liverpool won't have to pay mansion tax...

https://www.rightmove.co.uk/properties/166275947

Whereas the owners of this 3 bed terrace in Sutton will pay the mansion tax. It looks like a a very nice house, but not really a mansion (unlike the Liverpool one). For those who don't know the area, Sutton is a nice London suburb - but not posh. I'm pretty confident that the people living there are 'working people'.

www.rightmove.co.uk/properties/164339498

It's blatantly a tax on living in the SE, which is outrageous.

Not here there isn’t.

Of course there are! The SE town I live in has hundreds under 500k. Most terraces and many smaller detached/semi-detached houses and bungalows are 475 and under.

https://www.moneysavingexpert.com/news/2024/10/pensions-liable-inheritance-tax-2027/?fbclid=IwQ0xDSwMZdLpleHRuA2FlbQIxMQABHoCtJ70wszTaIpepHlB1uASPKFBIrkvqnMYHjR4Mi8HejjAjdpL8YtcsXL1K_aem_oWlwaCpA_bRkW1Uyudr8fw

this was a depressing little read earlier ☹️

So, if I bought a doer upper and sunk 40 k into it, and that’s all I have, my house, I can pay capital
gains when it sells for more? Because if that’s the case I’d rather pay stamp duty since in my next move be moving to a cheaper area and buying a cheaper house. My house isn’t “wealth” it’s a bog standard small home.
Id also rather they stopped dicking about and just put a bit extra tax on earned income across the board, rather than trying to find ways to avoid regular taxation and in the process shafting the hospitality industry, farmers, and young people trying to get their first jobs.

But so many people paying this new tax (if it comes in) will be working people?

The £22 billion black hole has since turned into a 41 billion since Labour came to power, they can't reduce the welfare state bill because that gets voted down, they've promised not to increase taxes on working people so they have to find the money elsewhere.

I wonder if they will allow the cost of the mortgage (i. e. interest paid) to be included in the cost of the house, in addition to purchase price.

Why is it odd, it is what they have always done. Float the idea in the press, see the negative reaction and withdraw idea. They do have form for this!

Why would it be scrapped? The lefties will love it. Redistribution of wealth.

As the policy will probably be scrapped before it even comes in I wouldn’t worry about it. As for how long my Crystal ball is out of order at the moment.

I would think that's why it got legislated in such a rushed manner, with the reduction in the state care cost in mind. There won't be the money for the infrastructure, and proper protections in place to make sure that decisions are made for assisted dying carefully enough. God help us.

They seem determined to grind the country to a standstill.

Just more labour theft economics.