Mansion Tax to Hit 775,000 Homes

The proposed mansion tax will hit 775,000 homes over 25 years but its revenue targets will not be met by the current plans for a £2 million threshold, a new report has revealed.  The research, by property consultancy Knight Frank, concludes that the proposed threshold and tax rate would deliver a gross annual receipt of £1.3 billion, 24% below the Liberal Democrat estimate of £1.7bn and 35% below Labour’s £2bn estimate.  The figure represents an average annual payment of £23,595 per property. The report says that in order to raise the targeted revenue, the value threshold for the tax would need to be reduced from £2m to either £1.5m (to raise £1.7bn) or £1.25m (to raise £2bn). Read more on 24dash.