Britain mulls ‘mansion tax’ plans
London, March 29: The British government may bring in new legislation that allows taxing the rich based on the value of their properties in return for a discount in the top rate of income tax.
Business Secretary Vince Cable said the government is examining a plan that will change the current income-based taxation methods in favor of property-based taxation.
The proposal by the Liberal Democrat cabinet minister may be a revival of Lib Dems’ former idea of a “mansion tax”, which suggested extra levies for people who own residences worth more than £2 million.