Nick Clegg’s announcement that the Liberal Democrat election manifesto will include a reformed ‘mansion tax’.

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10/06/2014

Members of the UK200Group of independent accountancy and lawyer firms have today commented on Nick Clegg’s announcement that the Liberal Democrat election manifesto will include a reformed ‘mansion tax’.

During a speech, the Deputy Prime Minister also indicated he is planning to borrow in order to build homes and boost the economy through infrastructure projects, whilst also remaining committed to reducing the deficit.

Tackling the deficit would be done: “in a way that is fair. So not just through further spending cuts, but also by asking those with the broadest shoulders to make some additional contributions too, including, for instance, through our banded mansion tax - extending new tax bands to higher-value properties”, he stated.

David Whiscombe, director of tax, at UK200Group member firm Berg Kaprow Lewis

“There are two very obvious flaws with a mansion tax. The first is that it is a merely a wealth tax: and if you’re going to have a wealth tax (itself a big if), it needs to apply to all wealth, not just very limited forms of wealth. If there’s one thing worse than a wealth tax, it’s a selective wealth tax. 

“Secondly, what about the obvious case of Mr Smith, who owns a single property worth £2m, compared with Mr Jones, who has his main home worth £800,000, his country cottage worth £700,000 and his place by the seaside worth £500,000. Are you really going to impose a mansion tax charge on Mr Smith but not Mr Jones?”

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Established in 1986, UK200Group is the leading mutual professional association in the UK with some 150 offices of quality-assured member accountancy and lawyer firms throughout the UK totalling over 550 partners, 150,000 business clients and global links in over 50 countries. UK200Group provide services and products that are designed to enhance the business performance of its members.  Telephone 01252 401050, email admin@uk200group.co.uk or visit www.uk200group.co.uk 

 Disclaimer:

UK200Group is an association of separate and independently owned and managed accountancy firms and lawyer firms. UK200Group does not provide client services and it does not accept responsibility or liability for the acts or omissions of its members.  Likewise, the members of UK200Group are separate and independent legal entities, and as such each has no responsibility or liability for the acts or omissions of other members.

 

 

 


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