Miliband’s mansion tax will destroy London communities

Already lawyers and bankers are taking over London neighbourhoods: this will make it easier for them

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There are good arguments for a mansion tax. The very rich employ fly accountants and lawyers to reduce their tax liabilities. This is most often achieved by moving assets offshore. But property cannot be shifted: it is, therefore, a suitably vulnerable target for revenue raisers. We suffer from gross inequality – not least in housing – and therefore the haves should be taxed to benefit the have-nots.

Whether its imposition will raise enough money to fund a doctor in every street – I exaggerate only slightly Ed Miliband’s estimate of the huge benefits of the mansion tax, together with a further imposition on tobacco firms and the blocking of some tax loopholes – seems unlikely. The well-heeled will, as ever, no doubt find a way round it.

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Robert Chesshyre writes regularly on police culture and is a former US correspondent of The Observer. His books include ‘The Force: Inside the Police’ and 'When the Iron Lady Ruled Britain''.