A reminder: Nick Clegg’s conditions for dropping the 50p tax rate

A partial repost from September 2011 but rather relevant once again, especially as after my previous post a series of senior party sources gently suggested the Stephen Williams’s phrasing didn’t really reflect the actual party line:

Nick Clegg’s interview in The Independent is rather more subtle on tax than the headline “I won’t let Osborne cut 50p tax” suggests. For in fact the story goes on to say:

Mr Clegg made clear that the Liberal Democrats would back abolition of the 50p rate in the long run only if it is not raising much revenue and if it is replaced by new taxes on “unearned income”. These could include a 1 per cent annual “mansion tax” on homes worth more than £2m, a land tax, and restricting tax relief on pensions to the basic 20p rate.

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