‘I own a £2m farmhouse - Reeves’ mansion tax is nothing but punishment for being well-off’
Farmhouse owner bemoans ‘unfair’ mansion tax that could cost him thousands
- Christopher Broadbent, a consultancy firm founder, expressed concern over a potential 'mansion tax' that could significantly impact his £2m East Sussex property.
- The proposed tax, anticipated in Rachel Reeves' upcoming Budget, would revalue homes above a £2m threshold, potentially costing affected homeowners around £4,500 annually.
- This measure aims to raise up to £500m for the Treasury and address a £20bn public finance deficit, following Reeves' apparent decision against increasing income tax.
- Broadbent, a Labour voter, criticised the 'mansion tax' as 'playground politics' and a 'blunt instrument', suggesting that raising income tax would be a fairer approach.
- Concerns have been raised that the tax could slow down the housing market, particularly in London, and potentially lead to negative equity for some families.