The chancellor missed a trick with bringing in new CGT rules to prevent further speculation on property [as most MPs have made nice tax free capital gains over the last 10 years ?] in the 2011 budget. Business Secretary Vince Cable has said tax on high value properties may have to rise - if the 50p tax rate is axed. Nick Clegg told the Financial Times it would not be a return to the Lib Dem "mansion tax" policy but could include looking at council tax or stamp duty. Chancellor George Osborne said in the Budget that the 50p rate would be temporary but the government would look at tax on "very high value" properties. There was a "strong argument" for having a "proper base for taxing property", he said.

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