Around 120,000 home owners will have to spend around £110m to revalue their homes if Labour’s mansion tax policies come into effect, a high end estate agency is claiming.
Savills says that without spending an estimated cost of £4,800 per valuation, each house owner will face the prospect of thousands of pounds in fines.
The agency has told the Daily Telegraph that taxpayers will have to fund the cost - possibly running into tens of millions of pounds - of resolving disputes over the valuation figures and therefore the liability of the owners to pay mansion tax, which will be levied on homes valued at £2m and above.
The research by Savills for the Telegraph shows that over one third of the 97,000 properties subject to the tax - should Labour win the general election on May 7 - have been owned for over 10 years.
They include 18,700 that have been owned by the same person for more than 20 years and 10,400 that have been owned by the same person for over 30 years.
In recent months Savills’ research team has made a series of outspoken criticisms of the mansion tax.
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