Liberal Democrat Cable wants to tax homes worth more than £1m – a policy that has been staunchly fought by his coalition partners on the Conservative side.
Baker Tilly’s Lakshmi Narain said the mansion tax would be crafted around a new annual charge on ‘enveloped’ residential properties, those homes which are held by a corporate entity like a company.
The threshold for the charge would be set at £1m, and would be expanded to include all residential properties, not just enveloped ones, the tax adviser predicts.
Lakshmi said: “I think Vince Cable will win. I think in the next few years we will have a mansion tax.”
An email sent last month by Cable to thousands of recipients called for people to support his campaign to end what he called an “unfair and inefficient” tax system.
George Osborne will present his Autumn Statement to parliament on 5 December next week.
