In her second Budget as Chancellor, Rachel Reeves introduced a new property tax: the High Value Council Tax Surcharge. It has already been dubbed “the mansion tax “.

Owners of tens of thousands of homes in England, which are valued at more than £2m, will now be hit with an annual council tax surcharge of at least £2,500 from 2028. This tax will need to be paid on top of existing council tax payments and will increase depending on the value of the home.

There will be four separate bands for these higher-value homes. The lowest will include homes valued between £2m and £2.5m, while the highest rate of £7,500 a year will be charged to the owners of homes worth £5m or more. New Feature

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The vast majority of homes where owners will be f

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