Home Residential Property New mansion tax proposals would see London footing 90% of £1.2bn bill

New mansion tax proposals would see London footing 90% of £1.2bn bill

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10th Apr 14 11:12 am

New proposals from Labour and the Lib Dems to levy a 1% charge on all properties worth more than £2m would see London home owners paying 90% of the £1.2bn bill.

Londoners would pay more than £1bn of the entire sum, according to research by property website Zoopla.

Outside London, homeowners in the south east would pay 8% (£94m). The rest of the UK would be in line to contribute the remaining 2% of just £56m.

A total of 82,000 homes worth over the £2m sum would come into the bracket.

Home owners in the stonkingly rich borough of Chelsea & Kensington would pay a whopping 36% of the total.

According to the Telegraph, Danny Alexander, the Treasury Chief Secretary, said the tax could be introduced quickly and “would release steam” from the top end of London’s booming housing market.

Estate agents Knight Frank said that if the plan is implemented according to current proposals, affected households would have to pay out an average annual bill of £14,500.

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