We all know the phrase, “an Englishman’s home is his castle”. Yes, it is old fashioned and gender specific, but it reflects how sentimental people are towards their homes in this country, where the majority of people do not rent property, unlike in Europe. They are, or aspire to be, homeowners.

Given this attitude to property ownership in Britain, any attempt to tax property in new or more burdensome ways is bound to be controversial.

The news that the Treasury is looking at overhauling council tax and stamp duty and implementing “proportional” property tax should not surprise anyone. It is well known that Treasury officials have been looking at ways to tax property for decades.

Their argument runs that increases in the values of property in the last 30 years, particularly in London and the South East, have turned people into multimillionaires without any effort on their part whatsoever.

This unearned wealth should be taxed as a........

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