Mansion Tax To Replace 50p Tax Rate
Published / Last Updated on 06/03/2012
Mansion Tax To Replace 50p Tax Rate.
According to Vince Cable the business secretary, replacing the 50p tax rate with some form of wealth tax is part of a complex set of negotiations within the coalition ahead of the Budget.
Business organisations and many Tory MPs want the 50p tax on earning over £150,000 axed. But, Liberal Democrats have warned against axeing the 50p tax rate too soon.
Mr Cable told BBC Radio 4's Today that, while the exact nature of the tax was currently being negotiated, a "mansion tax" on very expensive homes was an "economically sensible way of doing it".