“Labour is refining its plans for a mansion tax, saying, in common with the Liberal Democrats, that it would introduce new tax bands on properties above £2m. But the shadow chancellor, Ed Balls, also promised there would be concessions to ensure the tax does not hit those who are asset-rich but cash-poor. It is likely Labour will propose two lower bands, one between £2m and £5m, and another between £5m and £10m. The reassurance from Balls may be designed to soothe the fears of Londoners who are seeing house prices rising much faster than ever imagined, widening the net of people likely to be affected.”
http://www.theguardian.com/politics/2014/jun/23/labour-refines-mansion-tax-new-bands-property-2m
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