Tens of thousands of properties across England are set to be hit by a new tax following an announcement from Chancellor Rachel Reeves. Earlier this week, the Chancellor announced a wave of new economic policies that could directly affect your personal finances.

Among these was a new 'mansion tax' which will see some properties be charged as much as £7,500 in tax. Despite this, the Office for Budget Responsibility (OBR) believes the new police could raise roughly £400 million a year in government funds by 2029/2030.

Under the new rules, properties that are valued at over £2 million will pay a regular annual charge which will range between £2,500 and £7,500 from April 2028. For those affected, this will be placed on top of their existing council tax bill.

Which homes will be affected by t

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