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Cable considers high-value homes tax rise

Monday, 28 March 2011 2:34 PM

Business secretary Vince Cable has said that those who own extremely valuable properties could face higher taxes if the government decides to scrap the 50p income tax rate.

Chancellor George Osborne stated in his Budget last week (March 23rd) that the top-level tax bracket on earnings above £150,000 would eventually be dropped and replaced with a levy on wealthy dwellings.

Speaking to BBC Radio 5 Live, Cable said that he agreed with the proposals to remove the higher tax rate and favoured measures that would see the wealthy "pay their share".

"The emphasis may well have to shift from high marginal rates of tax on income which are undesirable, to taxation of wealth, including property, and the chancellor said that, as much as that, in his Budget," Cable said.

Although deputy prime minister Nick Clegg quashed the notion of introducing the one per cent 'mansion tax' once proposed by the Liberal Democrats, he revealed to the Financial Times that the government is considering a number of taxation strategies for wealthy homeowners.

Despite Labour's opposition to harsh public sector cuts, Clegg told the newspaper that his own party would have delivered a very similar Budget.

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