The UK’s first voluntary ‘mansion tax’ is being considered by Westminster City Council in a bid to raise revenue and potentially freeze council tax for other bands.
The proposed mansion tax will apply to properties worth £10 million or more, and will give residents the option as to whether to contribute more or not.
Westminster Council is positive that the scheme might be successful.
Leader of Westminster Council, Nickie Aiken, said: “This scheme might have its cynics, but I have spoken to very wealthy people who want to help the borough more.”
He continued: “Westminster is home to some of the poorest and richest people in the country and some of the most expensive real estate in the world. But while there is a reality to the cost of living in a capital, this is a council and a Government committed to fairness. There is more we can do to help those who are struggling to pay the bills.”
The scheme is set to come into force in April 2018.
If you’re a resident of Westminster and would like to find out more information about the planned mansion tax, click the link below:
