An internal consultation paper being drawn up says there "may be merit" in applying the 1% levy on those with a property portfolio worth that amount.

BBC: Lib Dems look at extending mansion tax

For them, a property tax would be a levy not on their home, but on the wealth they have locked up in property that often lies vacant.

ECONOMIST: One year on, China��s most-hyped tax is still mostly hype

And the provision to levy property taxes at the local level on boats and airplanes was dropped.

FORBES: Beating The July 1st Tax Hikes