#mansion-tax

#mansion-tax

The Autumn Budget has introduced a series of measures that could make homeownership more expensive and complex. Housing expert Michael Holmes warns that these changes are likely to influence both homeowners' renovation decisions and long-term property plans. He says the new taxes and levies could have significant knock-on effects for the wider housing market and the economy. 1. Mansion Tax could discourage home improvements Holmes explains that the Mansion Tax, set to begin in 2028, will affect around 2.5 million high-value homes.

The Mansion Tax is a new high-value council tax surcharge that will apply to properties valued over £2 million. There will be four price bands, starting at £2,500 a year for homes between £2 million and £2.5 million, rising to £7,500 for properties worth £5 million or more. The surcharge will be uprated annually by inflation. The tax will be charged in addition to standard council tax and will be paid to central government rather than local authorities.

Rumours of a 'Mansion Tax' on homes worth more than £1.5 million are already creating ripples across the UK property market. Even before any formal announcement, experts say the prospect of new taxation is influencing how buyers and sellers approach high‑value properties, particularly in London and the South East. For homeowners near the proposed threshold, understanding the potential consequences is essential, as early signals suggest that house prices in these high-value areas could face downward pressure.

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From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

Some of the biggest mansions in and around Los Angeles haven't been fetching anywhere near their original listing prices, despite former ownership by some big-name celebrities. This month alone, homes once owned by Milwaukee Brewers minority owner Robert Beyer, singer Ricky Martin, and previously married Jennifer Lopez and Ben Affleck have sold or are asking for well under their listing price, Mansion Global reported.

"We wanted more time," she said. "We wanted to do more due diligence ... There were so many other issues on the docket."