Super Mansion Tax Plans 
The Liberal Democrats have outlined plans for a ‘super mansion tax’, which would go beyond existing proposals for a 1 per cent levy on homes worth more than £2m.

A report in the Evening Standard yesterday (September 12) said that Lib Dem president, Tim Farron, will be outlining the plans at the party conference and will suggest that individuals with wealth and property worth more than £2m could pay a higher rate of tax than those caught by the simple mansion tax.

Explaining his thought process to the Evening Standard, Mr Farron said that he would prefer to look at people with properties and wealth at a much higher level than £2m and is suggesting that there will be a sliding scale within the mansion tax plan. For example, someone with a property worth £4m would pay a higher rate than someone with a property worth around £1m.

Mr Farron’s proposals come after an estate agent warned that the original mansion tax plans would fall short of the party’s ambition to raise £1.7m through the tax.

The estate agent suggested that the levy would need to be extended to all homes worth more than £1.25m, which would more than double the number of homes affected.

However, even if the threshold were to be kept at £2m, the number of properties affected by the tax would increase from 55,000 to 775,000 over the next 25 years, assuming current rates of price rises.

For more information, speak to Glazers, Chartered Accountants in London or visit www.glazers.co.uk




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