Mortgage News
Lib Dems resurrect mansion supertax
The Liberal Democrats are demanding a “supertax” on thousands of homes as the price of agreeing to scrap the 50p top rate of income tax.
Senior figures have drawn up plans for a new version of a “mansion tax” which would be levied on sales of properties worth more than £1m, reported the Daily Mail.
The Lib Dems intend to tell Chancellor George Osborne the scheme must be implemented if he wants to abolish the 50p top rate of tax, levied on incomes above £150,000, before the next election.
The Lib Dems are thought to be proposing capital gains tax – currently paid only on profits from the sale of second homes – should be levied on profits from first homes that are worth more than £1m.
Capital gains tax, which is levied at 28% for higher rate taxpayers, would be charged only on the slice of the profit over and above the £1m threshold.
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