"The London homes most at risk from a rumoured mansion tax can be revealed. She is believed to have watered down her initial plan to impose the levy estimated at an average of 4,500 on homes worth 1.5m more. Instead, she is expected to only target those valued in excess of 2m. The extra amount would be added to council tax bills which suggests it could become an annual surcharge."
"Working out which homes would pay the levy would reportedly be done by revaluing all the homes in the country that are currently in the three highest council tax bands F, G and H. But research by The Standard has established that almost 600,000 homes are already in the three highest council tax bands placing many residents at risk of becoming liable for the new tax."
A proposed annual council tax surcharge would target homes valued above £2m, potentially starting from 2028. The proposal may be applied by revaluing properties in council tax bands F, G and H or by imposing a surcharge on those already in those bands. Almost 600,000 London homes currently sit in the top three council tax bands, reflecting sale values that date from 1992 and failing to capture four decades of market change. Revaluing these properties would be a mammoth task. The highest concentrations of Band H homes are in Westminster, Kensington & Chelsea, Camden, Barnet, Richmond, Hammersmith and Fulham, and Wandsworth.
Read at www.standard.co.uk
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