A house valued £1 over £2 million will mean an extra £40,000 in stamp duty. The Institute for Fiscal Studies thinks annual mansion tax (like council tax) is a better idea.
The IFS added that stamp duty is "an exceptionally badly designed tax".
Would changes to personal tax allowance benefit all?
The Government's plan to raise the personal tax allowance is good news for most taxpayers, but the Budget won't all be plain sailing.
Soon we'll be able to grumble about what the taxman takes in considerable detail.