Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog

Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on x (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on facebook (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on linkedin (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on whatsapp (opens in a new window) Save Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on x (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on facebook (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on linkedin (opens in a new window) Rachel Reeves’ ‘mansion tax’ to hit about 160,000 homes, says fiscal watchdog on whatsapp (opens in a new window) Save Anna Gross in London Published April 3 2026 Jump to comments section Print this page Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rachel Reeves’ “mansion tax” on homes worth more than £2mn is set to hit about 160,000 properties in England, according to the fiscal watchdog, which also expects a fifth of people affected to appeal their new home valuations. The high-value council tax surcharge will apply across four valuation brackets in England from April 2028, starting at £2,500 a year for properties valued between £2mn and £2.5mn and rising to £7,500 for homes worth £5mn or more. The policy, announced by the chancellor in the November Budget, will affect fewer than 1 per cent of properties when it takes effect in April 2028, mainly in London and the south-east, and raise roughly £400mn by 2029-30. In analysis published on Thursday, the Office for Budget Responsibility estimated about 165,000 properties would be subject to the tax as part of the valuation exercise in 2028-29. It expects 167,000 pro...