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Budget 2014: 12 predictions

by Michelle McGagh on Mar 17, 2014 at 09:10

Mansion tax

Smith & Williamson’s Riches said the idea of an annual mansion tax on properties worth more than £2 million was ‘gathering steam’.

‘This would add much needed funds, although there is concern that a new tax on wealth, especially if it were introduced with little notice, would hit those with assets that have risen in value but who have low liquidity,’ she said.

She added that a wealth tax could be introduced via council tax reform. The current council tax bands have not been changed since they were introduced in 1993 and properties have grown significantly in value since them.

‘One possibility is therefore to amend those bands to provide a wider range of values at the top end,’ said Riches.

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