A “high value council tax surcharge” will be introduced on properties worth more than £2 million, a so-called “mansion tax”. Four price bands will be introduced, rising from £2,500 for a property valued between £2 million to £2.5 million, to £7,500 for a property valued at £5 million or more, all uprated by inflation each year. It will raise £0.4 billion in 2029-30, with all money going to central Government, rather than local authorities as usually happens with council tax. Chancellor Rachel

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