It has lots of original features. It is close to good schools, and with a few cans of Farrow & Ball it will make the perfect family home. The estate agents already have lots of familiar lines they use to sell a property. From next year, they will have one that will be more crucial than any other: it is priced at £1.95 million, just escaping the new ‘mansion tax’ introduced by the Chancellor Rachel Reeves in her Budget. In effect, we have just introduced a price limit on houses – and it will distort the market even further.

The UK has had some spectacular badly designed taxes over the decades. But the new mansion tax looks set to prove one of the worst

The UK has had some spectacular badly designed taxes over the decades. But the new mansion tax looks set to prove one of the worst. An add

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