Former Bank of England (BoE) governor Lord King of Lothbury has slammed the idea of a ‘mansion tax’ on high-end properties as incoherent, The Times reports.
There have been rumours circulating that chancellor Rachel Reeves could be looking to impose an annual 1% tax on the value of a properties over £2m. This tax proposal would mean that the owner of a £3m home would be charged £10,000 every year. King described this change to The Times as a "back of a fag packet" and that it could damage the economy. It is said that the ‘mansion tax' could raise between £2bn and £3bn a year for the Treasury. King is a British economist and public servant who was governor of the BoE from 2003 to 2013. He told The Times: "Property taxes are an inter...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
