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Liberal Democrats looking to tax larger homes

This week sees the Liberal Democrat conference and no doubt a host of weird and wonderful ways in which the UK government can increase its tax fall and hit those in the higher brackets of earnings capacity. Today's revelation from the Liberal Democrat conference sees the proposal for a 0.5% annual levy on homes with a value or £1 million. It is thought that this particular tax idea would bring in around £1.1 billion a year from the 250,000 people in the UK who have homes valued in excess of £1 million.

While there is no way that this particular tax will ever make it to the statute books many people believe it is simply a way of highlighting the fact that the Conservative party is looking to reduce the tax levy on the rich in the medium to longer term. In the short term however, even the Conservative party believes that income tax will need to rise at some stage and inevitably it will be the higher earners who are hit in the pocket first.

Despite the fact that the Liberal Democrats have issued a number of new tax initiatives, unless they are able to in some way to position themselves with the balance of power in a potentially hung parliament, there is no way the vast majority of their ideas will get anywhere near the statute books.

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