London business bosses come out against mansion tax policy

Over half of London business leaders are opposed to a so-called mansion tax, according to a new survey.

 

ComRes conducted a poll of more than 500 London business leaders for the London Chambers of Commerce and Industry (LCCI). It found that 52 per cent of them are against an additional tax on properties valued above £2m.

 

However, the survey also found that 56 per cent support for the idea of reforming the council tax regime in order to increase tax yield from higher end properties.

 

Labour are fighting next week’s General Election promising to bring in a tax on expensive homes.

 

The Liberal Democrats, who originally put forward the idea of a mansion tax, propose raising tax on residential properties worth over £2m, in a banded system similar to council tax.

 

There is some concern that either of these changes would amount to a tax on London, where property is valued much higher than in the rest of the country.

 

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