UK Business secretary Vince Cable has announced that the UK government is considering reducing the 50% highest tax rate but is also thinking about the introduction of a “mansion tax” to target the wealthiest citizens.
The Liberal Democrats have suggested that the definition of a mansion be houses that are valued at over £2 million and it has also been suggested that either an additional council tax band could be created or stamp duty be increased for multi million pound properties.
Vince Cable said “ It needs to be a change which is fair overall and does take account of the fact that the wealthy have got to pay their share. And the emphasis may well have to shift from high marginal rates of tax on income which are undesirable to taxation of wealth, including property”
Romford Accountant – Transform Accounting – Essex Accountants
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