He said that a mansion tax must be introduced if the top tax rate is scrapped, in order to recoup the losses HM Treasury would incur, according to the Telegraph.
The Treasury is expected to make £3bn from the 50p tax rate this year and £2.6bn in 2012.
However, Chancellor George Osborne has recently signalled that the top tax rate could be reduced, saying it is “economically inefficient”.
Yet, Clegg insisted that the Liberal Democrats’ plans to lower tax rates for low-paid workers must come before reducing the tax burden on those “at the very top”.
He argued that imposing a higher tax on owners of expensive homes should be introduced to replace the losses incurred from lowering the 50p rate.
Business Secretary Vince Cable has been a vocal proponent of a mansion tax, previously suggesting that it could apply to properties worth more than £2m.
Clegg said: “Of course we should review how the 50p tax rate works.
“We will also review how people at the very top seek to avoid taxes and to make sure people at the very top, owners for instance of high-value property, cannot avoid paying their fair share.”
Potential proposals for changing property tax could include increasing Stamp Duty for high-value sales or introducing an additional council tax band.
