India’s Paytm Confirms Consumer Data Safe After Founder’s Personal Data Stolen

Highlights

• New annual surcharge on homes worth over £2 m comes into force in April 2028, rising with inflation.
• Tax starts at £2,500 for properties valued £2m-£2.5m, reaching £7,500 for homes worth £5m or more.
• London and South East disproportionately affected, with 82 per cent of recent £2m-plus sales in these regions.

Chancellor Rachel Reeves pointed that the measure would address "a long-standing source of wealth inequality in our country" by targeting "less than the top 1 per cent of properties". The surcharge will come into force in April 2028.

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability. The rate starts at £2,500 for homes valued between £2 m and £2.5 m, rising to £3,500 for properties worth £2.5 m to £3.5 m, £5,000 for £3.5 m to £5 m, and £7,500 for those valued at £5 m or more.