You can move your money but not your mansion

Robyn Hall

September 25, 2012

He said wealthy individuals need to pay a fairer share, adding: “In this country, we tax work, effort and income too highly, and unearned wealth far too little. Now you can move your money off shore but you can’t move your mansion. That’s why we want a Mansion Tax. It’s simple, it’s fair, it’s unavoidable.”

By adding an extra levy to high value property Alexander said the burden of the next round of deficit reduction will be shared more fairly.

“Fair taxes in tough times” is the conference slogan and Alexander is promising to make sure the minority of wealthy who “don’t play by the rules” are tracked down and made to pay.

He reported that the government was on course to raise an additional £4bn by closing tax loopholes – on top of the £2bn raised last year.

He said: “We have made a good start in raising taxes on the wealthiest. High earners get less tax relief on their pension contributions. You can’t dodge stamp duty by putting your home in an offshore company.

“And so I can announce that we will build on that success and expand its remit to the wealthiest 500,000 people in the country, those with net wealth over a million pounds.

He added: “The vast majority of taxpayers in this wealth bracket pay their fair share. We have this message to the small minority of wealthy people who don’t play by the rules: we are coming to get you and you will pay your fair share.”

Alexander denied targeting the richest 10% was a cap on aspiration, and said: “A mansion tax or some other wealth tax would be popular among voters. An extra levy on high value property would get more money from those who can afford it. It would ensure that the burden of the next round of deficit reduction is shared more fairly. We will continue to argue for it within government.”

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