Do people support mansion tax?

[qbal]

I just read an article suggesting an annual tax of 1% on homes over 2million.

It doesn't look too bad at a tiny 1%, but it comes out as 20 grand a year. Just to live in your house, before council tax and bills? And that's if it's a 2 million house. If it's 3 million, it's 30 grand a year

I mean my own house is not "even" worth a single million so I'm nowhere near any sort of mansion tax.

But that does seem a gigantic amount of money to have to shell out for absolutely nothing just to exist in your house.

Starmer's own home is said to be worth about £2million.

From independent:

Mansion tax
A mansion tax is popular among many Labour MPs and was a party policy under former leader Ed Miliband.
Reeves previously ruled out a mansion tax as shadow chancellor.
But there are now rumours that an effective mansion tax could be introduced by charging council tax on the sale of homes above £1.5m or even charging a 1 per cent annual levy on properties worth above £2m.
Just over 150,000 properties in England and Wales would fall into the £2m bracket today, according to Knight Frank calculations, mainly around London.

I think it’s fine to argue against this idea, there are plenty of valid arguments, but you need to argue against it using the actual proposed policy. It would be 1% on the value above the threshold, not the whole value. So if your house was worth £2.1m it would be £1,000 a year.

No, I don't agree. But council tax banding ought to go beyond H.

People would just stop moving as the cost of it would become prohibitive.

I thinks it just the value of the house above £2M....very convenient for the PM whose house is apparently worth £2M!!!!

I think you’ll find everyone living in houses not affected won’t be losing sleep over it, think it’s fair; whilst those will have to pay it will not support it.

I can’t see any politicians ever giving support to tax themselves and their friends like this.

What about people like my elderly parents who have done equity release on their flat to pay for care so they aren’t a burden on the state? Their flat is in an expensive area as they wanted to live near us. They have no income obviously. Where are they meant tin find this money?

No. Absolutely not. I was talking to my butler about it just yesterday.

No. The poll tax was fairer IMO.

This. £2mil seams quite hefty but they won’t increase the banding with inflation so in years to come we will all be dragged into this tax. Plus once they incorporated into the tax regime they could even lower the banding to £1mil if they wanted.

The way it works in other countries is that any capital gain rolled over into another residential property within a certain timeframe (two years in Portugal, for example) is exempt, but you pay CGT on the rest.