Is that it\’s more of a tax on geography than anything else.
The business secretary, Vince Cable, has confirmed the 50p rate on tax will be abolished – and revealed the government would consider bringing in a \’mansions tax\’ to ensure the wealthiest pay their way.
From one website, there are 791 properties over £1 million in central London. Including, as an example, a 2 bed flat.
There are only 23 over that price in Gwynedd, all of which seem to be either mansions or large farms.
This isn\’t, by the way, to argue against an LVT. Rather, it\’s to argue against some arbitrary limit above which such should be imposed. Such would mean that it becomes a distinctly regional tax, given the regional differences in property values.
Perfectly happy with the idea of an x% tax on the underlying land of all property, something which would of course hit London more than Gwynedd. But much less so on one that arbitrarily decides that someone in a two bed in Chelsea is \”rich\” while someone in an 8 bed in Wales is not.