Geoffrey Silman in the Times Online commenting on Vince Cable's Property Tax Plan
Geoffrey Silman comments in The Times Online about the Liberal Democrats’ proposed tax on mansions failing to recognise the reality faced by many pensioners. Family homes in London acquired by people with modest incomes 30 years ago may now fall into the £1 million-plus bracket just as their owners’ carefully accrued savings are producing minimal returns.
Is it equitable that they should receive a second hit by having to find £5,000-plus each year for the privilege of staying in familiar and much loved surroundings? Not being entitled to benefits, they will need a similar amount of cash to produce the return to pay the tax after paying tax on the income. To read the full article click here.