Deputy prime minister, Nick Clegg has revealed plans to introduce a tax on high value homes, allowing the government to scrap the 50p income tax rate.
Speaking to the Financial Times, Clegg says the tax on owners of big properties had gone almost unnoticed in George Osborne’s Budget last week.
Speaking to the FT, he says: “As well as reviewing revenues from the 50p tax rate, we will also be redoubling our efforts to find ways of ensuring that owners of high value property cannot avoid paying their fair share.”
He also says it would not be reviving the old Lib Dem policy of a 1% mansion tax on properties worth more than £2m but it is looking at a range of measures such as the way the council tax system is structured and the way Stamp Duty is structured.
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