The Labour Party said this week it would support a mansion tax and work with the government to introduce it.

Richard Murphy, a chartered accountant and director of Tax Research UK, believes there needs to be a systematic revaluation of properties if a mansion tax is to be implemented. The problem, he adds, is that we have a "highly ineffective" council tax system which doesn't raise enough funds.

Matthew Sinclair, director of Taxpayers' Alliance, says however that there are already high levels of tax on property. Is it really the right objective? he asked.

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