Chancellor Rachel Reeves will levy a council tax surcharge on properties worth more than £2m, according to a leaked Office for Budget Responsibility (OBR) report.
The tax is expected to take the form of an annual charge and will be introduced from April 2028. It is expected to raise £400m in 2029-30. Four bands will be applied, with the surcharge rising from £2,500 for a property valued in the lowest £2m to £2.5m band, to £7,500 for a property valued in the highest band of £5m or more. These will be uprated by Consumer Prices Index inflation each year, the OBR document suggests. Reports in the run-up to the Autumn Budget suggested that the chancellor could consider a range of changes in a bid to tap into property-related tax revenue. Said to...
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