"The Mansion Tax is a new high-value council tax surcharge that will apply to properties valued over £2 million. There will be four price bands, starting at £2,500 a year for homes between £2 million and £2.5 million, rising to £7,500 for properties worth £5 million or more. The surcharge will be uprated annually by inflation. The tax will be charged in addition to standard council tax and will be paid to central government rather than local authorities."
"Chancellor Rachel Reeves has confirmed in the November 2025 Budget that a new Mansion Tax will be introduced from April 2028. The tax will apply to homes valued above £2 million, which experts are already warning will directly affect house prices at the top end of the market. While the surcharge is not due until 2028, the government says valuations will be based on 2026prices, requiring a nationwide revaluation of high-value properties. The OBR are predicting the Mansion Tax will raise the government around £400 million."
A new high-value council tax surcharge will apply to properties valued over £2 million from April 2028. Four bands set charges between £2,500 and £7,500 a year, with annual uprating by inflation. The surcharge is payable in addition to standard council tax and will be collected by central government rather than local authorities. Valuations for the levy will be based on 2026 prices, necessitating a nationwide revaluation of high-value properties. The Office for Budget Responsibility forecasts roughly £400 million in receipts. Experts warn the levy could directly affect top-end house prices.
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