Say you bought a property today for £1.5 million, using income that’s already been taxed (much of it at, say, 40%), paid your £75,000 stamp duty on the property, spent a further few hundred thousand pounds on renovation (on which you’d paid 20% VAT), and as a result received a property valuation of £2.5 million.

On exactly what level is this accrued 'wealth' of £2.5 million in need of taxing to make the situation equitable for society? On a much more fundamental level, how is it fair to be taxed annually based on what a group of strangers might be prepared to pay for your home?

Our publisher creates a comment shit storm on the surprisingly emotional subject of a mansion tax, in his guest column for Citywire.

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