General · 5 May 2026
£400 million spent on mansion tax before it starts
The new mansion tax is expected to cost £400 million in lost revenue and administration before collecting any funds. Chancellor Rachel Reeves announced the high-value council tax surcharge last year, set to apply from April 2028. Property owners valued at £2 million or more will face an annual charge; 156,000 homeowners are expected to pay around £3,000 yearly.
Reported by The Times · How we write briefs