He said: "Although taxes on properties over £1 million may be an effective way to raise additional funds, RICS sees a number of practical problems in implementing the proposals and potential consequences which will need to be carefully thought through. These include the need to ensure that valuations are fair and accurate, given that the last valuations were done 18 years ago; the cost of administration given the likely number of appeals; the ability to pay, since the proposed tax is based on the value of the property and not the owners income; and the potential market distortion such a tax would create.
“A lack of information also means it is not straightforward to even estimate the potential revenues from, and benefits of, the scheme."
