Rachel Reeves will announce a tax surcharge on more than 100,000 high-value properties in this week’s Budget , according to reports.

The Chancellor will hit homeowners with properties worth more than £2million with a levy that could raise £400-£450 million, says The Times.

Some 2.4 million properties in the top three council tax bands would be revalued to determine which would be subject to the surcharge.

People will be able to defer the cost until they die or move house to avoid forcing them to sell up, according to the newspaper.

The move would hit tens of thousands of homeowners in London and has sparked fears it would trigger another wave of departures of high-earners from the capital.

Ms Reeves is grappling with weak economic growth, persistent inflation and an expected dow

See Full Page