New Clause 9 — Lower rate of tax and mansion tax

Part of Finance Bill (Ways and Means) – in the House of Commons at 6:15 pm on 1st July 2013.

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Photo of Geraint Davies Geraint Davies Parliamentary Assembly of the Council of Europe (Substitute Member) 6:15 pm, 1st July 2013

Surely my hon. Friend will agree that the figure of 55,000 is a complete red herring. It is being said that housing wealth should be progressively taxed, and that the current council tax rates are out of date. Some of these properties are worth much more than £2 million, and perhaps even £10 million—we hear stories about Russian oligarchs and all the rest of it. Add to that the Chancellor’s strategy to generate more sub-prime debt by offering cut-price mortgage deals, and we will presumably have a progressive system of different rates and a thought-out new council tax regime that would be progressive, and we would not end up with everyone paying £36,000 at all, and the Minister knows it.