"saying in the budget that she would revalue about 2.4m of the most valuable homes in England with a view to slapping a mansion tax an escalating surcharge on about 100,000 of them from April 2028. As a revamp of council tax, it constitutes baby steps, as the Institute for Fiscal Studies (IFS) said in the hours after Reeves gave her second budget. But what the IFS and many others failed to credit was the revolutionary element that could be found in the revaluation itself."
"The A-to-H banding system has always been regressive taxing lower-value homes much more harshly than those that have, in many cases, soared in value since the mid-1990s. Under the chancellor's new plan, from April 2028 there will be four price bands, adding a surcharge of 2,500 a year for properties valued in 2026 at between 2m and 2.5m, up to 7,500 a year for those valued in the highest band of 5m and above."
Rachel Reeves will revalue about 2.4 million of England's most valuable homes and impose an escalating mansion tax surcharge on roughly 100,000 properties from April 2028. The measure revamps council tax by creating four price bands and adds surcharges ranging from 2,500 a year for properties valued in 2026 between 2m and 2.5m to 7,500 for properties worth 5m and above. The surcharge will be charged on top of council tax and paid to the Treasury. Property valuations in England have not been spot-checked since 1991, and the current A-to-H banding is regressive.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]