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A new mansion tax from the Labour Party Chancellor Rachel Reeves could see people in residences worth £135,000 or more slapped with a new levy.

The move would reportedly see 2.4 million of the most valuable properties across council tax bands F, G and H revalued, according to the Telegraph,

A new, separate surcharge could then be applied to 300,000 of the most expensive homes, on top of existing council tax bills. Chris Ball, chief executive of Hoxton Wealth and a specialist in pensions, tax and inheritance planning, said: "The problem is defining what a mansion is.

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"The price of a mansion in one area could get you flat in London that is no bigger than a box because of where it's located.

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