4 ms·
If you're renting the place out, it's the residents that pay to the local council - so you don't pay a penny. However, you are paying income or corporation tax
by timthorn 12y ago
If you're renting the place out, it's the residents that pay to the local council - so you don't pay a penny. However, you are paying income or corporation tax on the rent, and capital gains on the appreciation once realised.
Why should someone who's lived in a property for decades be taxed out of their house just because the area they live in has become a desirable area?
- UVB-76 12y agoI mentioned the rental income more as an indicator of the 'utility' one derives from having use of the property during ownership. Alas, given how negligible the sum is in the scheme of things, it scarcely matters who assumes the burden. To your actual point, to tax someone out of a £10m home in London today the council tax rate would have to be increased many thousands of times over. That is not a realistic danger. This policy is seeing a resurgence of popular support in the form of the 'Mansion tax', but really all we need is a more equitable council tax.