to think the idea of a mansion tax just penalises London and the south

[Redpipe]

I will probably get flamed for saying this but I don't believe that owning a 2 million pound house automatically makes you rich. Certainly in London a 2 million will not buy you a mansion, more like a terraced family home.

AIBU to think that the idea just penalises people in the south?

Or here

Only 2 beds for your £2 million in Manchester

www.zoopla.co.uk/for-sale/details/27744648?search_identifier=2fc5c2e81f5d6315a7a687eac8b09641

www.zoopla.co.uk/for-sale/details/30163444?search_identifier=2fc5c2e81f5d6315a7a687eac8b09641

www.zoopla.co.uk/for-sale/details/28651902?search_identifier=2fc5c2e81f5d6315a7a687eac8b09641

here's a few in Fulham hardly Knightbridge or Belgravia

catgirl

Of course they do but they are very unlikely to have been bought as a cheap family home years ago.

This is my point

Hahahahahahahahahaha!

NotDavidTennant here

Lots of posters are talking about being priced out of the London market or not being able to live where they were brought up. What do they happens to all the people who have to move to find jobs? Usually to places like London. Hardly any of my childhood friends live where we were raised, there simply are not enough jobs for us all. What about an outcry for all those people who cant work where they were raised?

Sure

But if they were bought as cheap family homes years ago, they will have tonnes of equity in them

So the occupants probably could be classed as well off

www.zoopla.co.uk/for-sale/details/28391415?search_identifier=74a1ce37ff97904d9896895040085272

Dulwich

www.zoopla.co.uk/for-sale/details/28736108?search_identifier=8807aded8e66aac675c8767208399e3e

Wimbledon

Sell the 3 bed and buy a 1 bed in the same area. Cash left over, no tax to pay!

Catgirl

But it doesn't mean that have £20K extra disposable income every year to pay for others does it. I just think they shouldn't have to move in order to pay for others

Binkybix

And where are all the 1 beds going to suddenly appear from? It'll only serve to push the price up for first time buyers.

But that's the point: if they downsize they won't be paying for others!

chocolatehunter

People priced out of the market are effected because they can't pay for themselves in that area. Lower income families who are being made to pay mansion tax are being asked to pay massive amounts for others (through tax) regardless of their income.

"So if a pensioner lives in one and isn't struggling but is not rich should they have to move?"

yes! its not as if they would be out on the streets living under an archway in a cardboard box!

They can move. My inlaws live in a very nice 4 bed detcahced in Ealing. Only worth a million. That would free up a mill for your poor hard up pensioner from Knighsbridge then.

But why should they be forced to downsize, leave a home which they have spent most of their lives in because the tax system requires them to pay massive amounts to others.

Just to clear up a misapprehension on this thread:
new statesman article explains it's not 1% of the total house value, it's 1% of the value over £2M.
You'd only pay £20k a year if your house was worth £4M. Not that many three bed terraces in that category.

Where will the 1 beds come from?

Recently vacated by late twenty/early thirty-somethings who are holding off starting families until they can move somewhere suitable, I'd have thought.

twistyfeet

But why should someone in retirement (my neighbour) move to ealing which is not only miles away but give up all the memories from the family home because he is required to pay for others?

squeakytoy

Nice response

Thank you inmysparetime

Redpipe, there are too many "if"s in your neighbour's case.
He'll only need to pay some tax if his house almost doubles in value from its current level, by which time his pension income will have risen with inflation too, and by which time (statistically) he will likely have either passed on or have moved to a care home anyway.
If his house is worth £2.1M his tax bill would be £100, for a house that he's lived rent-free in for decades.

Retired people's memories are more valuable than everybody else being able to live in life-stage appropriate accommodation, then?

We are in a recession caused by the uber rich frittering away billions and billions of everyone's money.

As the Tories say: we're all in this together.

Every single person I know has made sacrifices and cuts to their personal budgets and lifestyles. So far the people who have born the brunt the most are those on the lowest incomes with. The most to lose.

If a rich pensioner in a £2 mil house can't make a sacrifice too, then it's pretty disgusting, selfish society we live in.

That person and virtually everyone in this country has contributed and used the welfare state throughout their lives, so it doesn't matter that the OP's perception is that their contribution has more "worth" to society.