I’ve touched upon this before and as it seems to be popping up all over the media again I thought great, let’s have it!
To remind those of you who haven’t seen the recent headlines, anyone who has a property worth £2m or more will be faced with an annual charge – also known as ‘Mansion Tax’. This proposed tax is clearly a political tax so there is not much for us to comment on!
But what is interesting is the fact that yet again no one has thought through the details – and we’ll end up with another massively complicated tax. Those who live abroad and can afford to be non-domiciled etc. will no doubt find ways to escape the jungle of rules and regulation. It all just reminds me of the good old window tax, which did not do too much either other than make some beautiful properties look odd because the windows were bricked up.
So my take is that we don’t need more taxes, but simpler taxes with sensible tax rates; most people will be happy to fulfil their obligations – and we as accountants can focus on what we do best: assisting our clients to focus on operating and developing their business.
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