"Rachel Reeves is set to hit thousands of Britain's most expensive properties with a new levy as she prepares to lay out her highly anticipated Budget this week. The chancellor is said to be targeting the wealthy with new taxes as she hopes to balance the books with a series of measures to be announced on Wednesday. A new levy could be applied to some of the most valuable homes, known as a mansion tax. The move would reportedly revalue some of the most valuable properties across council tax bands F, G and H and hit 100,000 of them with a new surcharge."
"The mansion tax was being suggested as a 1 per cent levy on properties worth 2m or more, but there is an expectation that it may be set much lower at a maximum of 5,000 because of concerns about the London housing market. It is one of a series of wealth taxes Reeves is set to unveil to fill the spending black hole in her budget with other measures expected to include a profits tax on gambling companies demanded by former PM Gordon Brown, and a levy on bank profits."
Rachel Reeves plans to introduce a levy on thousands of Britain's most expensive properties ahead of the upcoming Budget. The measure could revalue properties in council tax bands F, G and H and impose a surcharge on roughly 100,000 homes. A proposed mansion tax has been suggested as a 1 per cent charge on properties worth 2m or more, although a maximum cap of 5,000 is under consideration because of concerns about the London housing market. Additional wealth measures expected include a profits tax on gambling companies and a levy on bank profits to raise revenue and help balance the public finances.
Read at www.independent.co.uk
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