Attitudes to wealth taxes: more than half support 'mansion tax'
The majority of people in the UK support the proposed ‘mansion tax’, according to research published by the Centre on Household Assets and Savings Management (CHASM) in January 2015.
But more than half of those surveyed do not think there should be any tax on inheritance.
A survey of more than 2,000 adults in the UK, commissioned by CHASM and carried out by TNS, asked respondents how they felt about four potential tax changes: the introduction of a mansion tax; council tax reform; capital gains tax reform; and the re-introduction of a 50% top rate of income tax. They were then asked for their views on inheritance tax before being given the opportunity to give their perceptions of wealth inequality in the UK.
The survey found that:
- The mansion tax is the most popular of the proposed reforms, with 53% strongly supporting or tending to support a 1% tax on properties worth more than £2 million. 22% oppose it, with 21% unsure either way.
- Support for a mansion tax is strongest in Scotland, Wales, the North East and Yorkshire/Humberside.
- Less than half the population of London, the South East and the East support a mansion tax.
- A flat council tax rate of 0.6% of the value of a property (as an alternative to a mansion tax) is supported by 40% of people, with 27% unsure either way.
- 45% of people support increasing capital gains tax to 45%, with 23% unsure.
- 44% support the re-introduction of a 50% top rate of income tax, with 19% unsure.
- 52% think no inheritances should be taxed.
- People over 65 were much less likely (41%) to say no inheritances should be taxed.
View a copy of the briefing paper by Karen Rowlingson, Andy Lymer and Rajiv Prabhakar.