Mansion tax: what it means for London homeowners and how it will work

Contributing sentiments towards policy:

55% : There are 600,000 properties in council tax bands F, G, and H in London, one measure that has been suggested as a way of identifying these higher value properties.
54% : It has been estimated that the average surcharge will be around £4,000. Council tax bands were introduced in 1992 with properties placed in different bands depending on their perceived value back then.
52% : Homeowners with homes valued at £2 million or higher will face a so-called 'mansion tax' from April 2028, announced Chancellor Rachel Reeves in today's Budget.
52% : "From 2028 I am introducing the High Value council tax surcharge in England, an annual £2,500 charge for properties worth more than £2 million, rising to £7,500 for properties worth more than £5 million... "This new surcharge will raise over £400 million by 2031 and will be charged on less than the top one per cent of properties.
52% : " The new tax will disproportionately target homeowners in London, where two thirds of qualifying transactions happened this year alone.
52% : How will the new 'mansion tax' work?
50% : Speaking in the Commons the Chancellor said: "A band D home in Darlington or Blackpool pays just under £2,400 in council tax nearly £300 more than a £10 million home in Mayfair.
47% : It is thought those properties in the most expensive bands, F, G and H will be caught by the tax which equates to 600,000 homes in London, according to research carried out for the London Standard.

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