Flawed thinking

The LibDems want to introduce a tax on homes worth more than £1million.

So, aside from it being a tax on aspirationĀ as well asĀ a tax levied on those whose home has increased in value without them moving house, what’s to stop the über-rich at whom this headline-grabbing proposal is aimed from renting a home in the UK and actually having their main home (and, presumably, their principal tax liability) in some other country? Remember Mick Jagger in the Seventies? He moved abroad primarily to escape the punitive taxes on the rich, taking much of his money with him – and money held overseas can not be taxed in the UK, so the Treasury actually loses out, not gains, from such a policy.

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