The Labour party, in a continued effort to soak those they see as rich, are proposing an annual property tax on owners of all houses valued more than £2m. The vast majority of these are in London. The annual cost of this might be a few thousand pounds per annum, but a sliding scale would apply.
They forgot, as usual, to look at enough of the detail such that many owners are asset-rich but cash-poor pensioners.
So they now having to rethink and the current scheme might include a deferred payment, after the pensioners have died.