Hidden in the long Liberal Democrat Manifesto are some higher and new taxes for many who own property or have saved and invested in shares and bonds.
Most people know they want to impose a “High Value Property levy” with bands with progressively higher tax rates. They say it will start off at £2 million, but if they ever got it going they would be tempted to bring the starting point down.
Few people know they want to impose a Land Value Tax on all property. They wish to order the Land Registry to register every piece of land in the country quickly so they could get on with a new tax on it. They have not explained how much they want to raise, but have said it will raise more than business rates which of course only apply to commercial premises anyway.
They state they want to increase the take from Capital Gains Tax. They wanted a higher rate in the last Parliament.
They wish to cut dividend tax relief.
They want a general anti avoidance rule, without saying which current legal ways of paying less tax they would wish to ban.
To pay for all the other things in their Manifesto they would need to get a lot of money from property owners and savers. Beware.
Published and promoted by Thomas Puddy for John Redwood, both at 30 Rose Street Wokingham RG40 1XU