The changes would see higher-rate taxpayers pay 24 per cent of the value of gains in tax after the sale of homes over £1.5m.

The new levy would be paid by on houses worth more than £500,000 when sold, with the amount due determined by the value of the property and a rate set by the Government

The Conservatives have warned that households could face penalties of between £15,000 and £33,000 when selling their home under new proposals.