Wealth tax on homes would damage uk society, warns businessman

Former MEP and businessman Ben Habib has said a wealth tax on homes would be damaging to the social and economic fabric of this country.

Speaking to Michelle Dewberry on GB News Mr Habib said:

“I think a wealth tax imposed on a home is absolutely iniquitous. We are a home owning nation by culture: We aspire to owning a home.

“If, having bought that, having saved the money, having paid tax, saved the money, put down your deposit, taken the risk of mortgage, you’ve bought your home and you’re living in it comfortably, the aspiration which you set out in life to fulfil has to some extent been fulfilled.

“But then the government taps you on the shoulder and says, ‘Guess what, I’m going to tax you again. And guess what, it’s going to really hurt,’ because actually, your home doesn’t produce any income for you. It’s not producing cash. It is a standing asset. It is a costly asset.

“All of a sudden, in addition to paying your council tax, your energy bills, your maintenance costs, etc, you’ve now got to pay the government more tax for the privilege of investing the money that you’ve already paid tax on in a home to look after your family and bring your family up. It would be so damaging to the social and economic fabric of this country if they taxed your home.”