Mansion Tax UK

About Mansion Tax UK

The UK mansion tax was a proposed annual tax on properties worth over 2 million, advocated by the Liberal Democrats and Labour Party. The tax was debated extensively between 2012 and 2015. The Conservative Party opposed it. The proposal would have charged a progressive rate on properties over 2 million. The mansion tax became a major issue in the 2015 election. After the Conservative victory, the mansion tax was abandoned. Instead, the government introduced higher stamp duty rates on properties over 925,000. The debate over taxing high value property continues in the UK, as property wealth has grown relative to income. London property prices have created asset rich but cash poor homeowners who might struggle with annual property wealth taxes.