By Andrew Batt:
UK Finance Minister George Osbourne steered clear of introducing a ‘Mansion Tax’ in the annual UK Budget statement.
The move to introduce a tax on high-end homes that would have impacted the large number of overseas property buyers and investors had been widely predicted in the weeks before yesterday’s statement.
Robert Bartlett, Chief Executive Officer of Chesterton Humberts, said: “I am relieved that the Chancellor has not bowed to pressure to introduce a wide ranging ‘mansion tax’. This would have been a blunt instrument which would not redistribute money from the wealthy to the poor as many owners of £1 million+ homes do not fall into the “wealthy” category; they have merely seen the value of their homes rise above the threshold over time, and in some cases over a long period.”
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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