Man­sion tax threat great­est in Lon­don

Yorkshire Post - Property - - PROPERTY -

THOSE liv­ing in prop­er­ties worth £2m or more face the threat of an an­nual man­sion tax.

The Lib­eral Democrats voted over­whelm­ingly in favour of the pol­icy at their an­nual con­fer­ence this week and hope to per­suade their coali­tion part­ners to put it into prac­tice.

Leader Nick Clegg says the party is tar­get­ing the su­per rich, but there are fears that the tax could hit fam­ily homes be­long­ing to the as­set rich but cash poor.

The Lib Dems want to levy a charge of 1 per cent on the amount of ex­cess value of prop­er­ties val­ued at more than £2m. The tax, pro­posed by Lib Dem peer Lord Oakeshott, would tar­get one in 200 prop­er­ties, heav­ily con­cen­trated in the rich­est parts of Lon­don.

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