Mansion tax - should it be on the sum of all property owned?

[Pandersmum]

AIBU to think that the mansion tax should not be applied to a single primary residence i.e. your home that you live in permanently and do not make a profit on via rent, if it not going to be payable by someone who owns 2 or more lower value properties, that add up to £2M plus in total value?

If the new mansion tax is ‘targeting wealth’ it seems to be missing out on a large proportion of ‘wealthy’ property owners who own multiple smaller properties.

Conveniently for Rachel Reeves, she and her husband own at least 2 properties in central London which she rents out. Neither is worth £2M plus individually and therefore she will not be liable for the new mansion tax on either property. However collectively their value would indicate significant family asset wealth plus rental income.

Why should she not pay it as a wealthy property owner?

There’s already double council tax and higher stamp duty on second homes.

And now an additional 2% tax on rental income

Doesn’t the tenant pay the council tax?

But surely thats on the rent. Not the property wealth - which the mansion tax is targeting - property wealth.

The double council tax doesn’t apply if the house is permanently rented to a long term tenant.

You’re almost salivating op at the thought of the wealthy having to pay. Rachel would love you.

Yes I absolutely agree

that property is now for so many a way to earn extra income has had such a detrimental impact on the housing market

I am a landlord I don’t expect to earn loads of money from being a landlord and I will gain when I sell the property

that you can set up your rental properties as a business and pay such low amounts of tax needs to be changed

There’s capital gains tax on the wealth

Personally, I think it’s a spiteful tax if it applied to a persons solitary residence in which they live permanently and even worse if they are still paying a mortgage on the property.

But the country is broke, everybody expects more and more in services and government financial support. So if RR wants to introduce a property wealth tax, she should at least do it properly and ‘fairly’ and consider the sum of properties owned.