London’s booming high-end property market – fuelled by cash-rich foreign investors – has been targeted by ministers for a new tax raid, as George Osborne tries to fill a £1.2bn hole in the public finances.
The chancellor needs cash to fund two party conference spending commitments: the Liberal Democrats’ £600m promise to give free school meals to all infants and the Tories’ own £600m plan to reward marriage through the tax system.
Treasury officials are looking at ways to generate more revenue from the property boom in certain parts of London – an idea backed by Nick Clegg, Lib Dem leader, who has long favoured higher taxes on expensive properties.
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