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Britain's Labour government considers lowering mansion tax threshold to £1.5 million, The Times reports
- On Friday, The Times reported that Britain's Labour government is considering extending the mansion tax to properties worth more than £1.5 million, more than doubling homes subject to the levy to about 271,000.
- Facing pressure to raise approximately £10 billion for his October budget, Chancellor John Healey's Treasury is discussing the proposal as a "live discussion" rather than confirmed policy.
- Last year, Britain announced a surcharge for properties valued over £2 million with charges up to £7,500; the proposed extension is believed to generate £800 million annually for the Government.
- A Treasury spokesperson declined to comment on speculation, stating that tax decisions are for the Chancellor to set out at fiscal events, while the government insisted it "will not take risks with people's living standards."
- Chancellor Healey is scheduled to deliver his first budget on October 28, balancing fiscal needs to offset higher borrowing costs while funding Prime Minister Andy Burnham's plans for expanded social care and defense spending.
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Labour ‘considers extending mansion tax’ to homes worth more than £1.5m
Last November, the government announced it would implement an extra tax of between £2,500 and £7,500 a year on properties worth over £2 million - a move which would impact around 134,000 homes.
·London, United Kingdom
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Britain's Labour government considers lowering mansion tax threshold to £1.5 million, The Times reports
Britain's Labour government is considering extending its mansion tax to properties worth more than £1.5 million ($2.01 million) from a current threshold of £2 million, the Times reported on Friday, citing two government sources.
·London, United Kingdom
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Total News Sources5
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
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