Watch the moment Nigel Farage was caught in a fiery clash with an ex-Tory minister live on GB News as they debated stamp duty.

With his panel of former Labour adviser Jo Phillips and former Conservative MP Ranil Jayawardena, the presenter invited a veteran luxury real estate agent to offer up his verdict on Rachel Reeves’ mansion tax.

In his analysis,.Trevor Abrahmsohn condemned the decision to introduce mansion tax, which has been speculated to become part of the Chancellor’s Autumn Budget.

Under the plans, owners of properties worth £2million and more could be charged one per cent of the amount by which the property goes above that value.

At the same time, owners of a property worth £3million will be slapped with an annual £10,000 bill, the Mail on Sunday reported.

What’s more, those who are homeowners of properties worth tens of millions, as well as those owning a second home, could be in for even higher taxes.

“It’s going to be mayhem. It’ll cause such a lot of grief to these people who are property rich, you could say, and cash poor,” the real estate agent warned.

He further contemplated further possibilities that the Chancellor could consider, including binning off stamp duty.

“If they do get rid of stamp duty, they’ll lose £9billion or thereabouts of revenue,” he told Nigel.

In agreement, the GB News star concurred that “at least 150,000 will be affected” including plenty of “single elderly people”.

Ms Phillips, meanwhile, argued that stamp duty can encourage older individuals to downsize.

“But Trevor’s point was, if you do it all together, it’s just too much for your life,” Nigel responded – at which point, Mr Jayawardena entered the conversation.

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“And your lot! Your lot quadrupled stamp duty,” Nigel blasted.

“Well, first of all, no, no,” he started, but not before the presenter interjected again.

“You quadrupled – hang on. I know I’m right!” Nigel reiterated.

Finally, Mr Jayawardena was able to say that his Government managed the economy in such a way that “for the vast majority of people, they paid less”.

But Nigel still persistently repeated: “You quadrapled stamp duty.”

As a result, the GB News star was left guffawing at Mr Jayawardena as the two shouted over one another in the Westminster studio.

The latest threat of a mansion tax is joining the pile of concerns that Ms Reeves will be unveiling her latest tax raid on Britain’s wealthiest in a bid to plug a £30billion black hole in the Treasury.

The Autumn Budget will be delivered by the Chancellor in the House of Commons on November 26.