Predictably, homeowners who potentially fall in to the proposed Mansion Tax regime are exploring ways to avoid the tax that is seen by many, including MPs, as unfair.

It has been reported that owners of such properties are asking if they can convert their house on to two different leaseholds, thus splitting the value of the property to below the £2m threshold.

Whilst I admire the thought process behind this, I suspect that the Inland Revenue would introduce anti-avoidance legislation and will challenge such “sham” arrangements that lack substance, with the primary aim of avoiding the tax.

Interestingly, Lord Winston has become the latest party figure to attack the proposed tax, describing it as akin to something from “Soviet Russia”.