Labour's Homeowner Tax

I didn’t see Ed Miliband’s Labour party conference leader’s speech yesterday although from all accounts I didn’t miss very much. Apparently he forgot to make reference to the deficit or immigration but he didn’t forget to announce yet another new tax by Labour. This time it is the Homeowner Tax.

We know that deep down, Labour are against aspiration and against people (other than them) owning their own homes and this new tax proves that. Of course, they are saying only for properties worth more than £2 million but I ask you, can you think of any new tax that has been introduced that has not extended its reach as to who it hits once the tax takes effect? I can easily see a so called ‘mansion’ tax becoming a detached house tax, then a semi-detached house tax, then a house tax, and ultimately a homeowner tax.

Quite simply, the values it applies to will reduce once the concept of the tax has been implemented and accepted. The threshold will certainly never go up so that it applies to fewer properties; it will only ever go one way and that is down. The rate they charge is also only likely to go one way, that being upwards. Proposed to be levied at 1% a year, this tax would see a relatively modest £200,000 home paying £2,000 a year. You can sign the petition by clicking on the bottom picture.