UK Mansion Tax Back On Agenda
Reports are coming out of the United Kingdom that the Liberal Democrats are pushing forward plans to tax “mansions” in the country, it has emerged that many expensive houses in the United Kingdom are owned by offshore companies.
Properties worth more than one million pounds could potentially find themselves in the firing line and, according to the press in the UK, business secretary Vince Cable may bring the issue up during a speech on executive pay due to be made later this week.
Mr Cable told the Sunday Telegraph that foreigners buying expensive properties but not paying stamp duty was ‘perverse’. He didn’t feel the need to share opinions of people buying foreign property using UK financial structures though. The proposed move would see a 1% annual levy on all property worth over £1 million.
This has come on to the agenda again because according to figures from the UK, the total value of properties registered in the Isle of Man and the Channel Islands has rose almost a third in the last 2 years.
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