Rachel Reeves has announced that from April 2028, owners of properties in England valued at £2m and over in 2026 will be required to pay an annual council tax surcharge.
The value of qualifying properties will be determined next year by the government’s Valuation Office Agency, with four price bands. The surcharge will rise from £2,500 a year for properties valued between £2m and £2.5m, to £7,500 a year for those valued in the highest band of £5m and above.
This measure, which will come in addition to existing council tax, is often called a “mansion tax” – although in more expensive areas of the country this might stretch the definition of a mansion.
What do you think of the new measures? Are you one of the households that might be affected? Will it affect your decision to buy or sell a property?
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