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LibDems rein in mansion tax

The LibDems have scaled back mansion tax proposals to properties worth more than £2m.

Shadow Chancellor Vince Cable announced plans for a “mansion tax” of 0.5 per cent on any properties worth more than £1m at the party’s annual conference in September. Leader Nick Clegg this week said the threshold would be increased to £2m and the tax to 1 per cent.

Centre for Economic and Business Research. chief executive Douglas McWilliams dubbed the plans a regionally-biased “crackpot scheme” that would wipe thousands of pounds off property prices.

Speaking on BBC Radio Four’s Today Programme on Monday, Clegg insisted the policy change was not a U-turn. He said: “The principle is very clear. People who live in very large houses, mansions, should pay some more money, so we can give some back to the majority of taxpayers. It does what it says on the tin. It is a mansion tax. It goes towards what many people want from the tax system.”

The LibDems also pledged to scrap higher-rate tax relief on pension contributions.

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