Having adjusted his ‘Mansion Tax’ proposal so that properties worth at least £2m will incur a 1% charge (the previous plan was to charge 0.5% a year on a property's value above £1m) Nick Clegg now faces questions on how much it will actually raise.
As one financial commentator has already observed, “Anyone with a £2 million property facing a tax bill of this nature is very likely going to have access to expert advisers who can tell them the best way to avoid paying it”.
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