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

A report in the FT said while Labour was still working on the fine detail on the plan, 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, ...