On MailOnline Tory MP and ally of George Osborne, Nadhim Zawahi says that his house is worth £5 million and that he would like to pay more tax on it:
Already, thanks to the closure of tax loopholes, the richest in this country will be paying a greater share of tax in every year of this Parliament than in any year of the last Labour Government.
However, there’s one area of our tax system that isn’t adhering to that principle: council tax. The highest council tax band in England is Band H – which includes any property that in 1991 would have been worth more than £320,000. Today, such a property in London would be worth at least £1.2million and in the West Midlands around £880,000. As a result, someone who has worked hard and saved their whole life to buy an admittedly very comfortable Band H home in Stratford-upon-Avon pays £3,000 a year in council tax.
Yet the billionaire oligarch in his £25 million Band H pad in Chelsea pays just £2,150 a year – thanks to Kensington and Chelsea’s low council-tax rates. Resolving this isn’t the politics of envy as some claim, it’s about ensuring there is simple fairness in our existing tax system.
The majority of Conservative members even agree – in a survey by the Conservative Home website almost 60 per cent say they support the introduction of higher council-tax bands. I speak as the owner of a £5 million home.
Fixing this anomaly needn’t be expensive or involve revaluing every single home in Britain. After all, the last thing the Government wants is to increase bills for hard-working families and undo the good work of the council tax freeze.
A much simpler approach would be to simply use the 1991 values of the 132,000 English homes in Band H and reallocate them to a vamped-up Band H or one of two new bands, I or J.
You can read the full article here.
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