As Rachel Reeves mulls over the introduction of a new property tax on high-value homes to plug a £40 billion gap in public finances, it's pensioners who could feel the biggest squeeze, despite the levy being labelled as the 'mansion tax'.

The Chancellor is reportedly considering ending the exemption from capital gains tax for owners selling higher-value properties under these proposals.

This could potentially see higher-rate taxpayers facing a 24% charge on any profit made from selling a property, regardless of its use. Meanwhile, basic-rate taxpayers could be hit with an 18% tax on any profits from their property.

The tax would apply to all properties above a certain value, although the exact threshold is still a hot topic amongst officials.

Analysis by the Times suggests that

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