Nick Clegg to announce 0.5% levy on most valuable homes at party's annual conference
The Liberal Democrats are to unveil plans to tax owners of homes worth 拢1m in order to support low-paid workers.
The party鈥檚 treasury spokesperson, Vince Cable, is expected to announce proposals for a 0.5% annual levy on the most valuable houses at the party conference.
The tax would mean owners of a 拢1.5m home would pay an extra 拢2,500 a year in tax. For a 拢4m property, the figure would go up to 拢15,000.
Nick Clegg, Leader of the Lib Dems, told the Independent newspaper this was 鈥渘ot a big sacrifice鈥�. He said: 鈥淚t is a perfectly reasonable thing to ask of people who have got properties of that value, and it's completely in line with how pretty well every tax system in the world works.
"I think people who live in properties worth over 拢1m feel it's fair, in this day and age, to pay about 拢2,000 or less to help people for whom the tax burden is much higher."
The party鈥檚 annual conference has been dominated by discussions about public spending cuts and how deep they should be.
Other Lib Dem proposals include cutting Trident and other defence contracts and freezing public sector pay.
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