It would seem as though Boris Johnson & Co have done a complete U-turn where their stance on a tax on the high-end property market is concerned with the intention of announcing Mansion Tax within the March budget.
Despite Conservative opposition to such an idea when it was first announced by the Lib Dems back in 2012 and again by Labour and Ed Miliband not long after, it could be once again on the cards.
It’s rather tiring to once again be facing down the barrel of potential Mansion Tax, an ill thought out approach and one we would expect to be pioneered by Robin Hood himself, not a Conservative government.
Investment into London’s high-end market, whether it be domestic or foreign, is vital in order to keep the cogs turning across the board, particularly in recent times where the average homeowner remained sat on the fence for so many months, with top-end transactions helping to keep the market’s head above water.
We’ve already seen one financial attack in the form of a hike in stamp duty thresholds and to now implement further restrictions just as we’ve seen the bottom of the market and momentum is returning could be a very poor move indeed.
It’s nothing more than another London tax bringing about yet further obstacles to deter buyers at the top end and those savvy enough will no doubt find loopholes to avoid such nonsense.
Whether we like it or not, London is the cornerstone of the UK market and it needs cultivating, not raising to the ground for no reason other than to fill the government’s coffers.