Stealth Wealth Tax

Discussion in 'Mercedes News' started by Satch, Jun 22, 2005.

  1. Satch

    Satch MB Enthusiast

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    This is horrible and despite all denials is planned for all of us. It will increase Poll tax charges hugely for many and is nothing more than a Wealth Tax raised on the value of your house. So if you are a pensioner who happens to live in an expensive part of the UK, tough.

    http://www.telegraph.co.uk/news/mai...tax20.xml&sSheet=/news/2005/06/20/ixhome.html

    Shortly before the election, in a move that received virtually no publicity in England, the Government proposed changing the system in Northern Ireland so that owners pay in exact proportion to the value of their property. A tax rate of 0.78 per cent applied to the capital value of a home would result in a £390 a year bill for someone living in a house worth £50,000, £1,170 a year for a house worth £150,000 and £3,900 a year for a house worth £500,000.

    Last year Ian Pearson, a Northern Ireland minister, said: "It is likely there will be some significant shifts in rate bills, particularly at the top end of the market. It is only fair that those who can afford to pay do pay a fairer share as soon as possible."

    Mrs Spelman said: "It is becoming clearer by the day that Labour will use the Lyons review to increase the tax burden on the middle classes and turn a local services tax into a crude wealth tax
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  2. Mozzer

    Mozzer Active Member

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    I wonder how this will affect property valuations, will we all want lower house valuations in order to minimise the tax ? Also will we end up having to have our house valued every year so we can me taxed accordingly ?

    I'm almost fed up enough of this country to move to France.
     
  3. OGiii

    OGiii Active Member

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    Get ready for "Poll Tax Riots II - The Revenge"
     
  4. kikkthecat

    kikkthecat MB Enthusiast

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    There appears to have been some exceptionally warped thinking gone into this.

    Just because a house has increased in value doesn't mean the owners income has risen proportionately. Ask any pensioner.
    I bought mine 21 years ago and is now worth something like 6 or 7 times what it cost then. I'm sure not earning 6 or 7 times what I was in those days .

    I'm sure I couldn't afford the mortgage if I was buying it at todays prices so why should it be assumed that I can and be taxed accordingly ?
     
  5. DITTRICH

    DITTRICH MB Enthusiast

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    The conservatives tried the poll tax out in scotland first and still didn't get the message. Unpalatable things always get tried out in the outer reaches of the UK first.
    Les
     

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