As much as £50,000 could be knocked off the value of properties in the UK following Rachel Reeves' latest move, experts have warned. Properties in England over the value of £2 million will face a surcharge of at least £2,500 from 2028 in what has been coined the new 'mansion tax' . The treasury has admitted that affected properties could see 2.5% knocked off their value, leading to losses of around £50,000 on a £2 million home and £125,000 on a £5 million home.

Experts have warned that this new surcharge could backfire on the Government with losses in stamp duty revenue. In fact, estate agency Savilles said the Government could lose £75 million in income from stamp duty, The Telegraph reports. The warning comes after a parliamentary question from James Cleverly , the shadow housin

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