IN a bid to raise £450 million, Chancellor Rachel Reeves is expected to hit England’s wealthiest households with a “mansion tax” on properties valued over £2m.

The tax, which would generate an annual average of £4500 per property, would be collected through an additional charge on top of council tax, with the owners of the most expensive properties paying higher surcharges.

The new policy would require the revaluation of the 2.4 million properties in the upper three council tax bands, selecting the most valuable which would begin to pay the surcharge on an escalating scale. This process is reportedly unlikely to be completed until 2028 at the earliest.

More than 100k properties in council tax bands F, G and H would be subject to the surcharge. This is believed to be scaled down from an

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