28 March 2011, 18:09  Britain could return of luxury property tax

Despite widespread criticism of the Lib Dem party's scrapped "mansion tax", UK Business Secretary Vince Cable says some form of the tax may now be returning. Under pressure to reduce the large 50p personal tax rate for earners in the highest income bracket, UK Chancellor George Osborne said in last week's budget speech that when the 50p rate is eliminated, it may be replaced with a tax on "high value properties". "It needs to be a change which is fair overall and does take account of the fact that the wealthy have got to pay their share", Business Secretary Cable told BBC Radio 5. "The emphasis may well have to shift from high marginal rates of tax on income, which are undesirable, to taxation of wealth, including property."

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