A mansion tax would be a key priority if the Labour party proved successful in next year’s general election, Ed Balls, the shadow chancellor, said.
The tax would form part of a Labour government’s first budget, and would be implemented in the 2015-16 financial year for all owners of properties worth more than £2 million, he said. Mr. Balls said Labour was already consulting with Treasury officials on the details of such a tax; a spokesman confirmed that the permanent secretary to the Treasury, Sir Nicholas Macpherson, had already met Mr. Balls.
Aides to Mr. Balls said the £2 million threshold would not be reduced should house prices fall, meaning owners of properties liable for the tax could have to pay more in order for Labour to meet its £1.2 billion target.
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The Guardian, p. 16
