The starting point is to aim for fairer, not higher taxes, says spokesman
Liberal Democrat lawmaker Vince Cable outlined plans for a tax on homes worth more than £1 million (S$2.3 million) and a tightening of rules on capital gains tax.
The property tax, which would charge 0.5 per cent a year on the value of a property above the £1 million threshold, would provide funds to lift four million of the lowest paid people out of income tax, Mr Cable, economic spokesman for the third-largest UK party, told British Broadcasting Corp television.
‘The Liberal Democrat’s starting point is to aim for fairer, not higher taxes,’ he said.
‘As chancellor my priority would be to cut income tax for those on low and middle incomes.’ Property is used in the UK to raise money for local governments, with the highest council-tax levy charged on homes valued at more than £320,000 in 1991. It is unfair that people owning family homes in the top band pay the same as those in houses worth up to £50 million, Mr Cable told the BBC. His proposal would result in a tax of £2,500 on 1.5 million homes and £15,000 on homes costing £4 million. Continue reading
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