Clegg proposes emergency 'wealth tax'

Deputy prime minister Nick Clegg has proposed an emergency tax on the wealthiest people living in Northern Ireland and the rest of the UK for a limited period of time.

Mr Clegg said the tax should be applied in the interest of adding "fairness" to the "next phases of fiscal restraint". He said that some element of additional tax on the wealthy was required or the process would not "be either socially or politically sustainable or acceptable." He suggested the tax would take into account overall wealth as opposed to just looking at salaries, and would be entirely separate from income tax and the Liberal Democrat proposal of the so-called 'mansion tax'.

Mr Clegg's comments do not represent government policy, and the tax is not currently an official Liberal Democrat policy. It is likely to be considered at their next annual conference.

If you live in Northern Ireland and require advice in respect of income tax, capital gains tax, inheritance tax, or general tax planning, contact one of the tax advisors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.