Ed: I’ll pay the tax but my £2.7m home is not a mansion

ED MILIBAND yesterday insisted his £2.7million home is not a mansion even though he would have to pay Labour’s mansion tax.

The Labour leader was left squirming after being quizzed about his Victorian home in North London, which easily qualifies for Labour’s definition of a mansion.

Asked how much it is worth, he told Radio 2: ‘Somewhere between £2million and £3million. I am pretty sure I will be paying it [the tax].’ But asked if he considered his home a mansion, he replied: ‘No, that is just a term that is used.’

Conservative Party vice-chairman Bob Neill said Mr Miliband had ‘let the cat out of the bag’ about the true nature of Labour’s tax.

He said: ‘It is telling that Ed Miliband – like many people who happen to live in areas where properties have gone up in value – does not consider his own home to be a mansion. The truth is that this is a straightforward homes tax that will hit many people in ordinary family homes. They have dressed it up in the language of class envy in order to make it look like it will only affect the rich.

‘The truth is very different. It will clobber many people who have worked hard to buy a family home and who are not on huge incomes.’

Mr Miliband said he felt ‘fine’ about paying the extra tax which would amount to £3,000 a year for his home. No figures have been provided for more valuable homes. Mr Miliband said wealthy foreigners owning valuable homes may face higher charges to bring down the average which has been estimated at £36,000 a year to meet Labour’s £1.2billion target.

Mr Miliband ducked questions about when his party would balance Britain’s books. He also revealed he has had ‘friendly advice’ from his brother David, but did not expect him to return to help Labour in government.