The coalition government will not slap a new tax on property, the chancellor said today.
George Osborne told Parliament that "punitive tax rates do nothing to raise taxes". He pledged not to raise more money for the public purse by increasing taxes on property. "We won't introduce a new tax on property," he said. He added that such a tax would be costly to introduce due to the number of houses that would need to be assessed for valuations. The Liberal Democrats had wanted to introduce a "mansion tax" on properties over £1m. More to follow...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes