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Clegg promises to push on with wealth tax plans

by: IFAonline
  • 24/09/2012
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Clegg promises to push on with wealth tax plans
Nick Clegg is urging the Conservatives to back a "wealth tax" ahead of the Liberal Democrats' annual conference in Brighton.

The Lib Dem leader, who first signalled his intention to push for the tax last month, said the nation’s richest should “pay their fair share”.

The theme of this year’s Lib Dem conference is “fairer tax in tough times”, and Clegg indicated on the BBC’s Andrew Marr Show that he would not sanction further spending cuts without the coalition backing new taxes on the rich.

He said: “I think many people of considerable wealth in this country want to pay.”

He added: “The vast majority of people in this country won’t find it acceptable if further fiscal austerity was implemented on the backs of the poor…

“I’m not saying something as big as welfare is immune from further savings but I’m saying that the burden has to be spread fairly.”

Under the plans, individuals with assets worth more than £1m will face greater scrutiny from inspectors to make sure they are paying the right tax.

More than 500,000 people will be targeted, according to estimates, with Her Majesty’s Revenue & Customs reportedly taking on 100 extra officials to carry out the task.

The Lib Dems already have a policy of imposing a 1% charge – a “mansion tax” – on expensive properties above a threshold of £2m.

 

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