You are here: Home - Investing -

Clegg calls for emergency tax on rich

0
Written by:
29/08/2012
Liberal Democrat leader Nick Clegg will argue for a "time-limited" extra tax on the UK's wealthiest people as politicians reconvene after their summer breaks.

The Deputy Prime Minister said the tax, which would be additional to the Liberal Democrats’ current mansion tax proposal, was necessary to protect the social cohesion of the country as it continues to battle economic hardship.

“If we want to remain cohesive and prosperous as a society, people of very considerable personal wealth have got to make a bit of an extra contribution,” Clegg said in an interview with the Guardian.

“In addition to our standing policy on things like the mansion tax, is there a time-limited contribution you can ask in some way or another from people of considerable wealth so they feel they are making a contribution to the national effort?

“What we are embarked on is in some senses a longer economic war rather than a short economic battle.”

The Liberal Democrats already have an existing proposal to impose a mansion tax on properties worth more than £2m.

In the interview, Clegg indicated that any new tax would fall on wealth, rather than income, because there are no plans to change the new 45p top rate of income tax.

“The action is making sure that very high asset wealth is reflected in the tax system in the way that it isn’t now, making sure that we continue to crack down very hard on tax avoidance, making sure that tax breaks don’t go disproportionately to people at the very top,” he said.

Clegg will outline proposals for a wealth tax at the party’s conference in September.

According to Labour MP, and shadow Treasury minister, Chris Leslie, who is also quoted in the Guardian, Clegg is “once again taking the British people for fools”.

“He talks about a tax on the wealthiest, but he voted for the tax cut for millionaires in George Osborne’s Budget,” he said.

“And he has supported a failing economic plan which has pushed Britain into a double-dip recession and is leading to borrowing going up by a quarter so far this year.”

 

 

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2201135-money-houses
Halifax: Mortgage payments at 15-year low

Mortgage payments for a new borrower are at their lowest as a proportion of disposable earnings for 15 years, according...

Close