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The Liberal Democrats have proposed a new tax on properties worth more than £1 million. It is estimated that this tax will raise an additional £1.25 billion a year. Liberal Democrat leader Nick Clegg proposed the tax and recently spoke about it on BBC’s Radio 4 Today program, noting that “It’s a fairer tax that Labour should have done 10 years ago in the interest of a fair society.”
“It affects 1 percent of property owners in this country and it is for a purpose,” he said. “The purpose is fairness.”
Clegg said that assessing the tax would be easy using land registry documents to determine property values. The new tax would be assessed on some 250,000 properties, according to the party.
The proposed tax will be taxed at a rate of 0.5 percent on the value of the properties over £1 million. A homeowner with a property that is worth more than 1 million will pay the additional tax on whatever the value over the first 1 million. Properties worth £1 over £1 million will pay 0.5 percent of £1, or half a pence and so on.
© Housing Market News by The House Shop