Thursday, September 23, 2010
Vince Cable brings Land Value Tax back to the table
A defiant Vince Cable threatened new taxes on property and land yesterday as he stepped up his war on the wealthy. He opened up a new flank by signalling that he is pressing for â€˜progressiveâ€™ taxes which would hit better-off homeowners and landowners. Mr Cable said he wanted to â€˜shift the tax base to property and land, which cannot run away and represent, in Britain, an extreme concentration of wealthâ€™. With all the land in Britain worth around Â£5 trillion, a 0.5% levy could raise Â£25 billion a year â€“ as much as a 5p rise in income tax. The Business Secretary also said he regretted that his proposed â€˜Mansion Taxâ€™ â€“ a one per cent annual levy on properties worth Â£2million or more â€“ had been blocked by the Tories.