As debate about the proposed Mansion Tax continues to gather pace within certain factions in the Labour Party, Kensington and Chelsea Labour Leader Emma Dent Coad was invited to speak on BBC2’s Daily Politics programme today 3 November.
This is what she had to say:
Emma underlined the Kensington Labour Group of Councillors’ unanswered concerns for the possible unintended outcomes of such a tax as currently proposed, saying:
- The proposed tax has been very poorly communicated, leaving the issue wide open to misunderstandings and scare-mongering. Some older residents have been kept awake thinking that their £2m home of many years will be subject to a charge of £27,000pa; this is nonsense
- Policy should be moulded from the doorstep, not sent to the doorstep, and policy-makers must listen to residents’ concerns and reassure them that this tax will be targeted at those who can afford it
- Any new policy must protect long-term and older residents, and also must pick up on overseas property investors who ‘buy to leave’, those who wish to stash or launder their money via K&C property, and who avoid all taxes by buying through foreign-based companies
K&C Labour’s counter-proposals include consideration of the follow:
1, carry out a full revaluation at the earliest possible opportunity.
2, create an extensive new banding formula so that those with very high value properties contribute a fair share to their local community, and those who have less with pay less, ensuring that those who buy through overseas companies cannot escape the tax
3, charge the current permitted level of 150% and lobby for up to 200% for ‘bubble-wrap’ or buy-to-leave investors dumping their money in a high interest Royal Bank of Kensington and Chelsea
4, provide protection for tenants who, having suffered decanting due to ‘regeneration’, are now forced to pay the highest rate of Council Tax as their new homes are now overvalued.