Why the mansion tax and council tax might sting you even if you live in a two

Fears are rising over potential tax raids coming in this year’s Budget, which chancellor Rachel Reeves will unveil on Wednesday.

Among those are mooted council tax hikes as well as a new ‘mansion tax’ on more expensive houses.

Both of those could batter homeowners in London and the south east, where house prices have skyrocketed in recent years.

On council tax, Reeves could shake up the banding system, which means owners of the most expensive houses may end up paying even more of the levy, The Guardian reported.

The mansion tax, meanwhile, would see an annual charge slapped on homes above a certain value – initially set to be a 1% charge on homes above £1.5 million.

Those plans have been watered down to only hit homes above £2 million, reported the Times, amid fears that it would hit