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Chancellor Unveils Mansion Tax to Fund £400 Million Initiative

11/27/2025

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Summary

Story summary

Chancellor of the Exchequer Rachel Reeves announced a mansion tax on homes above £2 million.
The policy aims to raise £400 million for the Exchequer by 2028/29.
The tax would be charged annually, starting at £2,500 for £2 million properties and rising to £7,500 for homes over £5 million.
Critics, including economist Paul Johnson, say the policy is flawed and could incentivize undervaluing properties.

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Story summary

Chancellor of the Exchequer Rachel Reeves announced a mansion tax on homes above £2 million.
The policy aims to raise £400 million for the Exchequer by 2028/29.
The tax would be charged annually, starting at £2,500 for £2 million properties and rising to £7,500 for homes over £5 million.
Critics, including economist Paul Johnson, say the policy is flawed and could incentivize undervaluing properties.