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Story summary
- UK Chancellor John Healey was told by borough leaders that the mansion tax will generate 55 % of revenue from their areas.
- The levy of £2,500-£7,500 will apply to homes over £2 million beginning in April 2028.
- A Treasury spokesperson said the levy will fix where a home pays more tax than a £10 million Mayfair mansion.
- Tax bands are £2,500 for £2-£2.5 million, £3,500 for £2.5-£3.5 million, £5,000 for £3.5-£5 million and £7,500 for over £5 million.
