UK Chancellor of the Exchequer Rachel Reeves has announced a new annual “mansion tax” surcharge on high-value properties in England, targeting homes worth more than £2 million in a move designed to raise hundreds of millions of pounds for public services.
Under the plans revealed in today’s Autumn Budget, owners of properties valued above £2 million will face an extra charge on top of their existing council tax bills, with the rate rising sharply for the most expensive homes:
- £2,500 a year for properties valued between £2 million and £5 million
- £7,500 a year for properties valued at more than £5 million
The surcharge will apply to the envelope value of the property (the price it would fetch on the open market with vacant possession) and will be collected by local authorities alongside normal council tax payments.
Ms Reeves told MPs the measure would affect “fewer than the top 1% of properties in England” and is expected to raise more than £400 million a year by the end of the decade (2029–30), rising to over £400 million annually by 2030–31.
“This is a fair contribution from those who own the most valuable homes in the country,” the Chancellor said. “At a time when we are asking working people to contribute more, it is right that those with the broadest shoulders pay their fair share.”
The government estimates around 100,000–120,000 homes across England will be caught by the new levy, with the vast majority in London and the South East. Prime central London postcodes such as Kensington, Chelsea, and parts of Westminster are expected to see the highest concentration of affected properties.
Nigerian Elites at Risk
Nigerian elites aren’t strangers to this market. Over the past decade, they’ve poured hundreds of millions into UK houses, often via offshore vehicles to shield identities and assets. Recent leaks like the Pandora Papers exposed a “wave of cash” from Nigerian politicians and tycoons going into UK properties.
