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Osborne: mansion tax plans a ‘tax con'

Chancellor warns that a mansion tax will be costly to run, and not recoup enough to make it worthwhile

19 Feb 2013 Accountancy Age

By Beth Abel

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CHANCELLOR GEORGE OSBORNE has branded Labour proposals for a mansion tax as a "tax con".

Labour leader Ed Miliband and shadow chancellor Ed Balls announced the plans to place a levy on £2 million-plus homes, stating this would go towards paying for a 10p income tax rate.

Appearing on ITV show The Agenda to be broadcast this evening, Osborne strongly rejected the policy, saying: "It's very costly to implement. It means you have to send inspectors round the county valuing all the homes - not just those over two million but those worth less."

The chancellor added: "It's actually a tax con that you know there aren't that many mansions in the country that can be taxed to pay for some tax cut on millions of people."

The scheme is either a "tax con" with the money coming from somewhere else, or would soon become a "homes tax" on those who are not living in mansions at all, said Osborne.

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