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.
Share this..
Related stories
UK government defeated over banking bill
The UK government has been defeated in the House of Lords with regards to a number of amendments to its flagship banking bill to protect the UK banking sector. A number of legal provisions introduced in the wake of the Northern Rock debacle come to an end on 20 February and the government had hoped to have the new banking bill in place by then. However the defeat in the House of Lords is a bitter...
Read MoreDo you envy the prospect of working into your 70s?
The Pensions Regulator has today put the cat amongst the pigeons with a suggestion that the UK retirement age should be increased into the 70s. Currently women retire at 60 and men at 65 although there are plans to increase this to 68 for both sexes by 2046. However David Norgrove, the Pensions Regulator, has suggested that the vast majority of the future UK workers will need to work into their 70...
Read More110 per cent mortgages to benefit first-time buyers
According to research by Alliance & Leicester Mortgages, three out of four mortgage brokers feel that first-time buyers stand to benefit the most combined mortgage and personal loan products.Over half of brokers questioned expected first-time buyers with little or no deposit to be the most keen to plump for 100 per cent plus LTV mortgage, and more than half thought there would be an increase in th...
Read MoreAlistair Darling accused of losing control
As the budget deficit for February alone widened to a massive £9 billion it looks as Alistair Darling, the Chancellor of the Exchequer, has lost all control of the UK government budget. His initial estimates of a £78 billion deficit for the current tax year appear to be well short of the mark as debt has now risen to £75 billion already and we are still not at the end of the tax year. These are...
Read MoreAre we set for a new Green revolution in the UK?
The creation of a Department of Government to look wholly at Energy use and Climate change in the UK and around the world has set the hearts of many environmental enthusiasts fluttering. Many now believe that finally the UK is waking up to the Green issue, what harm we are doing and how we need to resolve it as soon as possible. But is this really a new move or an old way to get more tax out of...
Read More