Balls spells out mansion tax details

Posted By: James

Tuesday 21st October 2014

Labour’s Ed Balls has offered further details of the party’s plans to introduce a “mansion tax”. In an article in the Evening Standard, Mr Balls explains that homeowners whose properties are worth between £2m and £3m could expect to pay no more than £3,000 a year, while homeowners with incomes of less than £42,000 a year will be allowed to defer the charge until after the property changes hands. The Times reports that research from Hometrack suggests owners of houses worth more than £3m face being taxed around £28,000 a year if Labour is to meet the £1.2bn total it says the new levy will raise. Richard Barber, director of estate agents WA Ellis, said Mr Balls’ remarks “may provide some reassurance” for the owners of homes worth £2m-£3m, but added there was “continued uncertainty and hesitancy” for the owners of homes worth over £3m.

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