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Labour’s £1.2bn mansion tax to hit 100,000 homeowners

Written by: Your Mortgage
More than 100,000 owners of valuable homes would have to pay an average of almost

A report in the Financial Times said while Labour was still working on the fine detail on its Mansion tax plan to tax homes worth over £2bn, the levy would need to raise an average of £11,000 per home to hit the party’s £1.2bn a year target.

The tax will fall disproportionately on London property, the report said. According to research from Zoopla, a property valuation website, some 88% of affected properties are in the capital.

It is thought Labour leader Ed Miliband’s home in Dartmouth Park, north London, will be caught in the tax.

The FT said shadow ministers had previously avoided difficult questions about the costs of the plan, which is designed to send out a signal about “fairness” to the wealthy, the report said.

Labour, it added, sees the mansion tax as a straight forward way to raise cash from the wealthiest in society because it would be “almost impossible to avoid”.

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