Mansion tax 'would hit 65 North homeowners'

A NEW “mansion tax” would hit 65 homeowners to have bought property in the North East since 2020, new figures suggest.

- 

‘The new levy is however mostly likely to impact those in London and the South East.

Owners of properties valued at more than £2m are set to be hit with a surcharge of at least £2,500 from 2028 in what has been dubbed the “mansion tax’. As announced in Rachel Reeves’ budget last week, the official name for the measure is the high value council tax surcharge.

It will be charged on top of existing council tax. The Valuation Office will conduct a targeted exercise to identify the properties worth more than £2m which will be liable for the new charge.