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 Chris Leslie Chris Leslie Shadow Minister (Treasury) 6:15 pm, 1st July 2013

I will give way to the hon. Gentleman in a moment. The Liberal Democrat 2010 manifesto—I know that he has his own signed copy—said that they would introduce a mansion tax at the rate of 1% on properties worth more than £2 million, paid on the value of property above that level. We looked closely at the workings they did on the issue. They suggested that £2 billion of revenue could be raised. If that was extrapolated through to the 10p band, the band would be roughly £1,000, but it might not be. We should look at the details.