Skip to comments.New 'back door mansion tax' on celebrities
Posted on 06/01/2014 10:17:54 AM PDT by dennisw
Celebrities and super-rich forced to pay £210million in the last two years Cash raked in by Government from two new levies on luxury mansions The charges close a loophole on homes bought or owned by companies Bob Geldof and Sir Mick Jagger are both thought to have been affected They are believed to have to pay an annual levy of up to £140,000 a year George Osborne announced the new taxes in 2012 after saying he wanted to come down 'like a ton of bricks' on stamp duty avoidance schemes
Celebrities and the super-rich have been forced to pay £210 million through a back-door mansion tax in the last two years, new figures have revealed.
The cash has been raked in by the Government from two new levies on luxury homes worth more than £2 million.
The charges apply when the properties are bought or owned by companies, rather than individuals
Britains richest men the Hinduja Brothers are among those thought to have been affected by the closure of a loophole which enabled wealthy buyers to avoid stamp duty or possible inheritance tax by holding their homes in so-called corporate envelopes.
An annual levy of up to £140,000 a year must now be paid on UK homes which are registered to a company, along with a special stamp duty rate of 15 per cent when a property is sold.
The Treasury has reaped much more income than expected from the new fees, in a sign that the wealthy may be happy to pay extra tax on a property in return for privacy or other benefits that come from property ownership through a company.
(Excerpt) Read more at dailymail.co.uk ...
Pay up you tax dodging celebrities!!! Avoiding taxes? Dodging taxes? Voting for Obama? Its all the same for these libs
I don’t think Mick Jagger and Bob Geldoff voted for Obama, though I’m sure they would have liked to.
How much does the Queen pay for her home annually?
You’re mixing up tax avoidance with tax evasion. The latter is illegal; the former is an obligation.
About the same amount of rent as the Obamas are paying.
I thought Mick was a Tory.
They are mostly liberals. Serves them right.
That's not even the high-end real estate market. The 500,000-pound threshold is half the price of the average home in London.
With inflation, it will hit every homeowner, even in areas less expensive than London, in just a few years.
Meanwhile, watch as the productive segment of the population continues to move out of the UK.
“Sir Mick Jagger.” This makes me queasy.
The old saying was “if you build it, they will come”
The new saying is “if you build it, they will tax it”