Vince Cable says “You can’t put a mansion in a suitcase and take it to Monaco”
Liberal Democrat Treasury Spokesman, Vince Cable commented today that suggestions that introducing a ‘mansion tax’ on properties valued over £2million would result in wealthy people leaving the country, which would reduce total tax revenues.
Mr Cable said:
“You can’t put a mansion in a suitcase and take it to Monaco.That’s one of the points of taxing assets of physical form,”
He said that the measure, which is a part of today’s package of tax announcements, is about “dealiing with unfairness” by raising the threshold for income tax.
“It’s tax cuts for very large number of people, but we’re not talking about an overall tax cut. That’s not possible”.
“We’re in a country at the moment where if you’re in the top 10% of the population you pay less tax as a share of your income than you do at the bottom”.
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