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Mansion Tax at £1.5m - what will this mean?

856 replies

MaureenOHara · 20/09/2026 09:27

Does anyone have any idea what this might mean for an individual and what it might do to the market. What happened to the £2m market and will that be replicated or is it different?

OP posts:
Schlossadler · 20/09/2026 21:02

BeardySchnauzer · 20/09/2026 20:58

Well me too but do you remember Gove and his ‘people have had enough of experts’ - he seemed to tap into a feeling that seems to have ballooned

honestly, it wouldn’t surprise me if we ended up with Harry Redknapp as PM if we ruled out all the politicos!

In which case, it’s truly dumbed down, with the electorate merely voting for those who they believe will best serve their interests (despite the politicians opening lying).

Politicians similarly introduce policies which they believe will allow them to retain power.

What we saw in the 2024 GE, and are experiencing now.

bingobangs · 20/09/2026 21:05

PigletJohn · 20/09/2026 20:06

@NorthXNorthWest

"As for trying to present the State Pension in the same light as benefits paid to vulnerable people, with the implication that you shouldn’t really be entitled to it"

I haven't seen anyone do that. Perhaps I missed it. But it is undeniable that Pensions are a very large, and growing expense. More than we spend on Education, for example. Speaking as a recipient, I see no reason why our payments should perpetually rise even as the pursestrings are tightened fir the young.

And as we own most of the wealth, I see no reason why we should not expect to contribute more than younger people who have little or nothing. Our numerous ailments are a growing expense for healthcare. Somebody has to pay. Are you hoping the young will pay for us?

And the young are shrinking!

Mouldemort · 20/09/2026 21:09

@LifeOnEnceladus it's £800m into central government spending, not a massive wealth transfer!

It's not a zero-sum game where if the North has growth, the South doesn't, Tax as a % of GDP is not high by international standards, benefits are about the same as they were in 1999.

Labour's entire schtick is to generate economic growth, and the best way the government can ensure this happens is well funded public services, quality education, a good health service, fair and rapid justice, infrastructure investment and nobody on the bread line.

bingobangs · 20/09/2026 21:09

Schlossadler · 20/09/2026 19:37

We both know I was not referring to pensioners - the majority of which have, you know, contributed….

They haven’t contributed enough though & numbers wise there are lots of them.

EasternStandard · 20/09/2026 21:13

Mouldemort · 20/09/2026 21:09

@LifeOnEnceladus it's £800m into central government spending, not a massive wealth transfer!

It's not a zero-sum game where if the North has growth, the South doesn't, Tax as a % of GDP is not high by international standards, benefits are about the same as they were in 1999.

Labour's entire schtick is to generate economic growth, and the best way the government can ensure this happens is well funded public services, quality education, a good health service, fair and rapid justice, infrastructure investment and nobody on the bread line.

Labour’s entire schtick is to keep piling on taxes when they claimed everything was fully funded.

NorthXNorthWest · 20/09/2026 21:14

LifeOnEnceladus · 20/09/2026 20:57

The compulsory minimum savings if raised even a couple of percentage points (which is easily affordable AS well as significant tax cuts AND a massive investment in infrastructure, education and defence) will ensure that even those with minimum wage earnings should receive in retirement significantly MORE than the current state pension when they retire, and would be able to do so at a younger age than currently.

As I pointed out, if we just put £10k for each child born in the UK into a DC pension fund the year they are born and they never made a single pension contribution themselves then, in real terms, their projected pension pot at 68 would be £1m if it was invested in a simple global index tracker (based on the average post-inflation growth rate over the last 70 years).

Surely that’s more sensible than paying each pensioner more than this PER YEAR.

This is the problem with the UK as I’ve set out repeatedly. Obvious long-term choices at a small initial cost are not made so we end up crippling our economy with enormous unnecessary costs which prevent tax revenues being spent on what they need to be spent on to create prosperity: education, infrastructure, R&D, a functional justice system, a proper industrial strategy, energy, food and water security, appropriate levels of defence spending, support for business start ups, adult retraining and upskilling, etc.

You still haven't answered my questions.

bingobangs · 20/09/2026 21:17

LifeOnEnceladus · 20/09/2026 18:35

Totally agree. We have a toxic combination of an electorate who are primarily self-interested and have no sense of society so will only ever vote in their own (perceived) self-interest, politicians who are spineless and often have minimal grasp of economics themselves even if they did care about the good of the country rather than the next election (which the vast majority do not) and a political system that actively encourages short termism and playing hot potato with the serious issues that actually matter and structural changes that would transform things but not yield a benefit by the next general election.

That’s how we’ve ended up in the dire state we are in and why it will continue unless at least one (and probably more) of those things changes. I won’t hold my breath.

It’s a very sad state of affairs, and it doesn’t have to be this way. Many democratic countries have political systems that prevent this kind of dysfunction, but the UK always thinks its way is best despite the dire results of that, so the outlook is far from promising.

It’s so depressing as I think we will just circle the drain. Even on this thread so many posters don’t seem to understand the impact of the changing demographics and what that costs & it’s just a question of getting labour out & everything will be fixed.

Schlossadler · 20/09/2026 21:17

bingobangs · 20/09/2026 21:09

They haven’t contributed enough though & numbers wise there are lots of them.

Can you provide some backup for your assertion?

Some data please.

Schlossadler · 20/09/2026 21:17

bingobangs · 20/09/2026 21:17

It’s so depressing as I think we will just circle the drain. Even on this thread so many posters don’t seem to understand the impact of the changing demographics and what that costs & it’s just a question of getting labour out & everything will be fixed.

Edited

Which posters?

bingobangs · 20/09/2026 21:18

@Schlossadlerwhat data would you like?

Its a fact that today’s pensioners take more out of the system then they paid in.

bingobangs · 20/09/2026 21:19

Schlossadler · 20/09/2026 21:17

Which posters?

I would put you in that group.

bingobangs · 20/09/2026 21:20

@Schlossadler

why don’t you provide some backup for your claim that the majority of pensioners have contributed?

BermudaRhombus · 20/09/2026 21:22

EasternStandard · 20/09/2026 21:13

Labour’s entire schtick is to keep piling on taxes when they claimed everything was fully funded.

Labours schtick is demanding more and more tax revenue from the few remaining prosperous and productive parts of the UK (namely London and the SE) and distributing it to basket case communities in the north. Most of these places haven’t made a material contribution to the UK in decades and have no realistic prospect of meaningful economic growth, regardless of how much money is thrown at them.

BermudaRhombus · 20/09/2026 21:24

bingobangs · 20/09/2026 21:17

It’s so depressing as I think we will just circle the drain. Even on this thread so many posters don’t seem to understand the impact of the changing demographics and what that costs & it’s just a question of getting labour out & everything will be fixed.

Edited

It won’t be fixed immediately, but getting Labour out is absolutely a prerequisite to starting a recovery.

TheSilverTeapot · 20/09/2026 21:24

Schlossadler · 20/09/2026 21:17

Can you provide some backup for your assertion?

Some data please.

About 1 in 10 pensioners haven't paid enough contributions to qualify for a full state pension. And as we know it is people under pension age who basically pay for pensions anyway. And today's pensioners paid for yesterday's pensioners etc.

Schlossadler · 20/09/2026 21:25

bingobangs · 20/09/2026 21:19

I would put you in that group.

You said ‘posters’, plural.

So, who else is in the group with me?

Schlossadler · 20/09/2026 21:26

TheSilverTeapot · 20/09/2026 21:24

About 1 in 10 pensioners haven't paid enough contributions to qualify for a full state pension. And as we know it is people under pension age who basically pay for pensions anyway. And today's pensioners paid for yesterday's pensioners etc.

Edited

So, not a ‘majority’ that the PP stated, then?

TheSilverTeapot · 20/09/2026 21:26

BermudaRhombus · 20/09/2026 21:24

It won’t be fixed immediately, but getting Labour out is absolutely a prerequisite to starting a recovery.

Who would you like to replace Labour? As pp said, Tories are in disarray. Reform and Greens are not up to it.

Attenboroughsmistress · 20/09/2026 21:27

Messedupmyusernameagain · 20/09/2026 11:10

I thought there was talk of a land value tax replacing council tax and Stamp duty. I thought that was a better idea and would maybe mean that because the worry of stamp duty being taken away would stimulate the housing market. I wonder what happened to that?

A tax on the unimproved value of land to replace stamp duty is a MUCH better idea (especially if they offer credits for anyone who has paid stamp duty in last 10 years). By taxing unimproved value of land you encourage developers to either develop or sell and you don’t distort a market because there is a fixed amount of land and it can’t shrink in response to a tax.

By taxing UNIMPROVED value (rather than just a tax on the property value) you don’t disincentivise people making improvements to their home, which is obviously also great.

I am in despair that a government can’t just do something sensible like this.

If labour introduces something so stupid as a property value tax down to 1.5 mil I will be politically homeless as the Tories have been bought out by big oil and are no longer sensible on climate science.

EasternStandard · 20/09/2026 21:28

TheSilverTeapot · 20/09/2026 21:26

Who would you like to replace Labour? As pp said, Tories are in disarray. Reform and Greens are not up to it.

Do you really want Labour though? They can’t get out of repeated tax hikes. The ideology isn’t working.

TheSilverTeapot · 20/09/2026 21:30

Schlossadler · 20/09/2026 21:26

So, not a ‘majority’ that the PP stated, then?

Well technically it is true. It is people under pension age paying for today's pensioners as the NI conts today's pensioners paid were spent long ago.

BermudaRhombus · 20/09/2026 21:32

Attenboroughsmistress · 20/09/2026 21:27

A tax on the unimproved value of land to replace stamp duty is a MUCH better idea (especially if they offer credits for anyone who has paid stamp duty in last 10 years). By taxing unimproved value of land you encourage developers to either develop or sell and you don’t distort a market because there is a fixed amount of land and it can’t shrink in response to a tax.

By taxing UNIMPROVED value (rather than just a tax on the property value) you don’t disincentivise people making improvements to their home, which is obviously also great.

I am in despair that a government can’t just do something sensible like this.

If labour introduces something so stupid as a property value tax down to 1.5 mil I will be politically homeless as the Tories have been bought out by big oil and are no longer sensible on climate science.

How does this work in practice? It sounds impossible to administer in a cost effective way across the entire UK

bingobangs · 20/09/2026 21:32

Schlossadler · 20/09/2026 21:25

You said ‘posters’, plural.

So, who else is in the group with me?

Why do I need to trawl through the thread and list names? There is more than one poster on this thread who doesn’t understand the demographics and the knock on effect of that on welfare spending.

Schlossadler · 20/09/2026 21:33

TheSilverTeapot · 20/09/2026 21:30

Well technically it is true. It is people under pension age paying for today's pensioners as the NI conts today's pensioners paid were spent long ago.

Sorry, what is ‘technically true’?

You contradicted @bingobangs assertion, correctly.

EasternStandard · 20/09/2026 21:33

bingobangs · 20/09/2026 21:32

Why do I need to trawl through the thread and list names? There is more than one poster on this thread who doesn’t understand the demographics and the knock on effect of that on welfare spending.

I think you’re assuming incorrectly here.

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