Shadow chancellor Ed Balls has announced that a Labour administration would introduce a tax on homes worth more than £2 million in its first budget, so that the Treasury could begin to collect money from what is estimated to be the 100,000 most expensive home owners in the 2015/16 financial year. The projected £1.2 billion tax receipts would be injected immediately into the NHS.
The shadow chancellor confirmed that those who are asset-rich but cash poor would have the right to defer the mansion tax charge until they die, or until the property is sold.
