'Mansion' tax is just the name - it just means houses worth more than two million pounds. If it is anything like the wealth tax in some countries, it would be payable every year, like income tax. I suppose anyone with that much equity in a house could raise a loan with the house as surety and pay it off when the house was sold (possibly from the estate after the owner's death).
This idea that you can use your house to fund things meant my daughter could not get legal aid for her medical negligence claim, even though she was far to ill to consider moving house, and the equity in it would not pay one fifth of the solicitor's fees.
Parents-in-Law. What do/did you call them?
Can I use my bus pass on London buses?