The owners of luxury properties in England valued at more than £2 million ($2.6 million) are facing new surcharges of at least $3,300 beginning in 2028.
The BBC reports the new “mansion tax” comes on top of the existing council tax and will be divided into four bands. The lowest band covers properties valued between $2.6 million and $3.3 million, while the highest charge of $9.900 will fall on homes valued at $3.3 million or higher.
Tens of thousands of properties could be impacted by this new tax, with most of the residences located in London. The Office for Budget Responsibility is forecasting the tax will generate about $529 million a year by 2029-2030.
However, the government will also review what exemptions could be applied in special cases, such as people who need to live in a high-value property because of their job.
