High-value homes to be hit with tax rise?

Posted: 28 Mar 2011 11:54:13 GMT

Business secretary Vince Cable has hinted that tax on high value homes could be about to rise.

Tax on high-value homes in the UK could be about to rise, it has been claimed.

Speaking to BBC Radio 5 Live, business secretary Vince Cable claimed the increase may have to take place if the 50p tax rate is abolished.

The politician stated that any change would have to be "fair overall" and maintained that tax has a political purpose at a time when people are experiencing hardship.

He said that such a measure would need to "take account of the fact that the wealthy have got to pay their share".

Mr Cable noted a move away from the higher rate will have to take place eventually, adding there was a strong argument for implementing a "proper base" for taxing property.

Earlier in the month, a Legal & General Intentions Survey revealed that fewer people currently believe they are likely to move home this year than there was 12 months earlier.
 

© Houseladder Ltd