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Landlord Mansion Tax?

Lib Dems commit political suicide?

In one of the craziest political moves since 'the longest suicide note in history' the Liberal Democrats have proposed taxing all assets - a radical extension from their original 'Mansion Tax'.

Such a taxation could have a devastating effect on landlords, especially in the South of England where a small portfolio could easily exceed 2 million on a valuation even if the rebuilding cost (used for landlord insurance rating) is relatively modest.

It is not known whether this tax would only apply to individuals or would extend to companies. If the former then it should be quite easy to form a company and transfer the assets into it, or it may be that a simple division between partners could reduce the tax liability substantially.

Net earnings on buy to let property are not that high and any substantial tax rate would remove any commercial reason for letting out property.

There are ample logistical and theoretical reasons why this tax would be even more unpopular than the 'Community Charge, imposed by the Conservative part in the 1980s.

At the moment, it seems unlikely that the Liberal Democrats will be sufficiently powerful after the next election as they currently only have popularity of 8% in the latest opion polls. However this could change.

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