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UK mansion tax back on?

Reports in the United Kingdom say the Liberal Democrats may be planning a new tax on mansions in the country, after it emerged many expensive properties are owned by offshore companies.

Homes worth more than £1 million could find themselves targeted and, according to the UK press, business secretary Vince Cable may tackle the issue during a speech on executive pay this week.

He told the Sunday Telegraph foreigners buying expensive properties but not paying stamp duty was 'perverse'.

The move would see a one per cent annual levy on all homes worth over £1 million.

According to figures from the UK, the value of properties registered in the Channel Islands and the Isle of Man rose almost a third over the last two years.

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