New Clause 9 — Lower rate of tax and mansion tax

Part of Finance Bill (Ways and Means) – in the House of Commons at 6:00 pm on 1st July 2013.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 6:00 pm, 1st July 2013

I think the right hon. Gentleman is thinking of the bedroom tax, and we can come to that in a moment. I will come to the details of what a mansion tax would look like. We have looked carefully at the well-crafted and evidently well-thought-through proposal from the Liberal Democrats. They have proposed that properties worth £2 million or more should attract an annual charge, saying that that could net approximately £2 billion. That would allow an income tax band of around £1,000, which would give a tax cut of about £100 to those benefiting from the 10p band.