Accumulated property and pension wealth built over decades is now a focus for fiscal measures aimed at raising revenue. Proposals would shift council tax and stamp duty land tax burdens toward higher-value homes while lowering charges for cheaper properties to encourage transactions. Encouraging mobility through lower taxes on modest moves could boost labour mobility, economic growth and tax receipts. Taxing the wealthy is politically risky, and wealthy individuals may respond by relocating, but governments facing prolonged funding gaps view wealth taxes and property-focused reforms as necessary revenue options.
Dear baby boomer, the government is coming for you and your store of wealth. The property and pensions built up over the past 40 to 50 years are, for the first time, in play. The triple lock on the state pension might be guaranteed, at least for the time being, but for the wealthier boomer, it looks like their private assets are being laid out on a chopping board, ready to be carved like a Sunday roast and fed to hungry government departments
The Treasury is considering changes to the tax regime that will shift the burden of council tax and the centuries-old property transaction charge stamp duty land tax (SDLT) towards more expensive homes. One proposal is less about an increase in the total amount of money raised from SDLT for the exchequer than encouraging more transactions. The payback for a heavier tax on the sale of more expensive homes is a discount on the charge applied to cheaper ones.
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