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Labour Refines Mansion Tax With New Bands For Property Over £2M

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Labour is refining its plans for a mansion tax, saying, in common with the Liberal Democrats, that it would introduce new tax bands on properties above £2m. But the shadow chancellor, Ed Balls, also promised there would be concessions to ensure the tax does not hit those who are asset-rich but cash-poor.

Writing in the London Evening Standard, Balls says the limit would be raised annually in line with the rise in house prices and not simply in line with inflation, ensuring fewer homes are dragged into the net each year.

The policy takes Labour closer to the revised version of the mansion tax plan recently announced by the Lib Dem Treasury chief secretary, Danny Alexander. In April, Alexander said the Lib Dems had rethought the mansion tax and would introduce two additional tax bands above £2m, but not set a tax as a percentage of the value of the property.

Balls says a banded system would not require annual valuation. It is likely Labour will propose two lower bands, one between £2m and £5m, and another between £5m and £10m. The bands would not require annual valuation, and might not be linked to council tax.

In terms of asset rich but cash poor is he thinking of our property owning MP's?

I'd love to know how they are going to define cash rich!

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