Chancellor Rachel Reeves has confirmed that her upcoming Budget will introduce a mansion tax on properties valued over £2 million, with an annual 1% levy on the portion above that threshold.
Some homeowners may defer payment until their property is sold. The plan has sparked criticism from opposition parties and campaigners, who argue it unfairly targets British citizens while ignoring spending on foreign nationals, and has led to warnings that it could increase living costs, harm the housing market, and deepen Labour’s political difficulties.
Credit to : The Julia Hartley-Brewer Show on Talk