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[STEMO]

That would involve being at home

Right, never thought of that. It's a hard life, jetting off all over the world. 

[Doctor Gollum]

That would involve being at home

Right, never thought of that. It's a hard life, jetting off all over the world. 

8 nights at home every month and away for Christmas and New Year. Still easier than being at home without the pooch.

The thing with the houses, bro and sil bought a house for about £500k with her parents in 2009. Now worth near emo £1.5m. They both pay higher tax rates, but they don't earn 6 figures. Just a normal couple that got lucky with the market and circumstance. They'd notice a £4,500 bill. As would alot of other people in similar circumstances

[STEMO]

That would involve being at home

Right, never thought of that. It's a hard life, jetting off all over the world. 

8 nights at home every month and away for Christmas and New Year. Still easier than being at home without the pooch.

The thing with the houses, bro and sil bought a house for about £500k with her parents in 2009. Now worth near emo £1.5m. They both pay higher tax rates, but they don't earn 6 figures. Just a normal couple that got lucky with the market and circumstance. They'd notice a £4,500 bill. As would alot of other people in similar circumstances

They'd notice it, but they won't get it, because their house isn't worth £2million

[Doctor Gollum]

Point being just because your house is hypothetically worth X amount doesn't mean you paid anything like it

[Mr Skrunts]

All the mention of the mansion Tax of £4500?
I thought it was set at £2500 for homes over £2,000,000
So after googling several reports are saying

A new council tax surcharge, aka the “mansion tax”, will apply to properties valued at £2m or more. A flat amount will apply to four bands over that value, starting at £2,500 for properties valued between £2m and £2.5m. The mansion tax will be capped at £7,500 for properties of over £5m.

https://www.bbc.co.uk/news/articles/ce910z9jd3po

Also mentioning that it starts in 2028

So this then starts a new debate based on the value as there have been reports of the council tax ratings being totally out of date so how would they value a £2.000.000 property?

On its sale valuation, it's Rateable value or is this why the valuation/Rateable value discussion was on the news a while back was started so that they could amend it knowing the Mansion Tax was to be applied.

[STEMO]

Even less than I said then. But, as you point out, it will be very difficult to precisely value a home at, say, £500 under £2million or £500 over £2million.
It's also going to be a nightmare estimating annual mileage for EVs.

[STEMO]

I've just read that this 'mansion tax' is likely to raise £400million by 28/29. FFS, is it worth all the news inches for such a paltry amount? (In the context of government revenue)
It just smacks of labour trying to show that they're whacking the wealthy, for the benefit of a few dim back benchers.

[Rangie]

State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.

.

Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.

[Kevin Wood]

Point being just because your house is hypothetically worth X amount doesn't mean you paid anything like it

.. and the fact that this measure is conveniently based on an arbitrary value rather than just applying to the top council tax band, for example, means that this will be yet another tax threshold that they can conveniently freeze  until, in a decade or two, after a bit of inflation, we're all paying it. .. and whereas the council tax banding system has arguably worked OK for a couple of decades without constant re-valuation of properties, this one won't.

Not that Rachel from accounts has that long left in the job.

[STEMO]

State pensioners, like me, have already had a £200 winter fuel allowance and will get about £550 next April. There's nothing to moan about there. Also, over 65's get to keep their full £20,000 tax free isa allowance.
Anyone who complains about the reduction to £12,000 from April 2027....well....you can hardly claim poverty if you can afford to save that much.

.


Better off spending any cash in ISAs now, can't see any point in being the richest guy in the cemetery.

Everyone's circumstances are different. My wife still, officially, has 12 years to go until retirement. She won't wait that long, of course.