Labour’s plan to impose a tax on homes worth more than £2m will have a catastrophic effect on charitable donations, warns a Labour peer.
Geneticist and television presenter Lord Winston said that the tax would hit charities which relied on legacies, such as Cancer Research, after shadow chancellor Ed Balls said that those unable to pay the tax during their life-times would pay when their home was sold or through their estate.
Meanwhile figures from Lonres show that 367 properties worth in excess of £2m were withdrawn from the prime London market in the three months to September. It is the highest figure since Lonres started collecting data in 2007 and up from 266 in Q2.
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