Budget 2025 latest: Rachel Reeves set to hit thousands of properties with new mansion tax
What is a ‘mansion tax’ and which homes would be affected by it?
- Rachel Reeves is scheduled to deliver her Budget today, amid speculation about new tax measures to balance the books.
- She is expected to introduce new levies targeting the wealthy, including a potential 'mansion tax' on expensive properties.
- The proposed mansion tax could involve revaluing properties in council tax bands F, G and H, potentially affecting 100,000 homes.
- Initially suggested as a 1 per cent levy on properties valued at £2m or more, the mansion tax might be capped at a maximum of £5,000 due to concerns over the London housing market.
- Other anticipated wealth taxes include a profits tax on gambling companies and a levy on bank profits.