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With only 80 days left to the general election Sandfords, a central and north west London agency, is the latest industry name to come out against Labour's mansion tax proposal.

Andrew Ellinas, the agency's director, says recent research has show the tax to be unfair, complex, uncertain and inefficient.

There have always been fundamental issues with Labour's proposed mansion tax, including the fact that defining a mansion' would be impossible. Labour's arguments for such a tax are being significantly undermined he claims.

Additional funds have already been raised following recent reforms to the taxation system, an additional £1 billion since 2009. This alone raises questions as why we would require a mansion tax with evidence that it wouldn't actually really increase revenues says Ellinas.

He says the tax would also damage Londons' reputation as a safe and thriving place to invest in property.

Presenting such a measure could make the prime central London market one that is considerably less desirable and one that overseas investors fear to enter he says.

Comments

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    Actually it's those that have found themselves (through inflation & astute buying decisions) owning a 2m+ house but who do not have an income large enough to pay the tax that we should really feel sorry for. No solid details on the proposed tax deferment threshold yet of course but no doubt there will be those that are forced to sell their homes (if the tax becomes a reality) and that can't be fair (regardless of how few are affected in this way)!

    • 07 March 2015 10:27 AM
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    Yeah, I'm very surprised that Neil Wraith hasn't been here yet to copy and paste his usual mansion tax rant, which is always the same wherever it's posted. He's slacking.

    • 04 March 2015 17:28 PM
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    Spot on. Completely spot on. I've mentioned this in other articles about mansion tax - 2m properties aren't ten a penny like Savills and the other high-enders would have you believe. If you live in a 2m house, you more than likely live in a very well-heeled area. Even in the capital, 1m or 1.5m will get you a lot.

    • 04 March 2015 17:25 PM
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    Ha Ha Jonathan - I get your point. Unfortunately these people won't stop moaning until it doesn't happen.

    Am I the only one here waiting for the 'Neil Wrath' Mansion Tax Rant we have become accustomed to on these type of articles

    • 04 March 2015 15:32 PM
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    If theres one section of society I really feel sorry for, its people with a 2m house that dont want to pay tax.

    • 04 March 2015 14:44 PM
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