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SALES NEWS: Could Mansion Tax be a deciding factor in General Election?

06/10/14

Election fever has arrived and the parties are busy setting out their stalls for next May’s election. As original proposers of a Mansion Tax, the Lib Dems are still backing a tax on all properties over the value of £2 million. The tax would be collected via local authorities, in the same way as Council Tax. Meanwhile, Labour has also adopted the idea of a Mansion Tax on properties over the £2 million – or, at least, most of its party members have. The idea has resulted in internal wrangling with a number of senior party members voicing their disapproval.

Tessa Jowell has said a Mansion Tax would be unfair on cash poor elderly ‘mansion’ owners who, perhaps, bought their house some 30 years ago and, although now asset rich, are living on a pension. Meanwhile, another senior Labour figure, David Lammy, has openly voiced his opinion that a restructuring of Council Tax would be a fairer option.

As for the Conservatives, Mr Cameron has insisted that his future tax policies will not “punish people who generate wealth and save their assets responsibly” and he has flatly rejected the idea of a mansion tax.

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