Lib Dems: European Style Wealth Tax
Published / Last Updated on 21/09/2009
Lib Dems: European Style Wealth Tax
The Liberal Democrats have unveiled their plans for a European style ‘wealth tax’.
The tax on the wealthy, if the Lib Dems were to be elected, would be introduced as a tax on property wealth.
The tax rate would be levied at 0.5% for properties worth over £1m. The tax would be applied on excess values over the £1m threshold.
For example, if you own a property of £1.5m (the average family home in many parts of London), the excess above £1m i.e. £500,000 would be taxed at 0.5%, meaning an additional tax liability of £2,500.
Whilst, we suggest this will not happen, a wealth tax is likely but at a lower rate and to encompass more people raise even greater revenues.
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