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16th February 2012
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Assetz® Property News Service
Clegg calls for tax on mansions
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People who own properties worth more than £2 million should face a mansion tax, the Deputy Prime Minister has said.
Nick Clegg said he wanted to see a new tax introduced on the highest-value homes in the UK property investment market.
He said: "I know the mansion tax is controversial, but who honestly believes it is right that an oligarch pays just double the council tax of an average homeowner even if their house is worth 100 times as much?
"And who seriously thinks we would kill aspiration through a levy on the 0.1% of the population who own £2 million homes?"
The move was among a series of measures proposed by the Liberal Democrat leader as he pledged to support faster tax cuts for low and middle-income earners.
He said he wants Chancellor George Osborne to introduce the planned income tax threshold of £10,000 more quickly than planned.
This will help to relieve the growing pressure on household budgets, Mr Clegg said.
He told the Resolution Foundation think-tank that current plans to gradually raise the allowance over the next few years were no longer enough, as family finances face a "state of emergency".
Copyright Press Association 2012
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