🚨 Big changes ahead for UK homeowners with properties worth over £2 million! 🚨
HMRC has unveiled a new ‘mansion tax’ set to hit from April 2028. If you own a property valued above this threshold, be prepared for an additional council tax charge ranging from £2,500 to £7,500 annually! 🏡💸
This move follows Labour’s Autumn Budget 2025 announcement, aimed at increasing revenue from high-value properties. Jonathan Russell, the chief of the Valuation Office Agency (VOA), shared insights into how the valuations will be done. The VOA assesses the value of over 28 million properties and will ensure evaluations are spot on.
Here’s what we know:
🔹 Properties above £5 million face the highest charge.
🔹 Most affected properties will be in London, the South East, and the East of England.
🔹 They’re using existing data and new sources to make accurate valuations.
🔹 Public communication is key: they want to keep it transparent and avoid disputes.
Concerned about your property’s status? The agency will also check for any major changes like extensions that might affect evaluations. 🏗️
And if you’re wondering about appeals, know that there will be a consultation process to hammer out the details. Keep an eye out for updates!
Share with friends who might be impacted! 💬📲
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