Reeves: Mansion Tax to tackle 'long standing' inequality

ODN

Chancellor Rachel Reeves announces the High Value Council Tax surcharge which introduces an annual £2500 charge for properties valued in excess of £2,000,000 rising to £7500 for properties valued in excess of £5,000,000. Report by Ketchs. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00In this budget I will take further steps to deal with a long-standing source of

00:04wealth inequality in our country. A Band-D home in Darlington or Blackpool

00:10pays just under £2,400 in council tax, nearly £300 more than a £10 million

00:19mansion in Mayfair. And so from 2028 I am introducing the high-value

00:29council tax surcharge in England, an annual £2,500 charge for properties

00:35worth more than £2 million, rising to £7,500 for properties

00:41worth more than £5 million. This will be collected alongside council tax, levied on

00:48owners and we will consult on options for support or deferral. This new surcharge

00:53will raise over £400 million by 2031 and will be charged on less than the top

01:011% of properties. Madam Deputy Speaker, reliefs in our tax system cost the

01:08taxpayer billions of pounds a year but many of them no longer serve their

01:14original purpose.

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