UK Budget to Extend Tax Rules to Properties Over £2 Million

The upcoming UK Budget is expected to lower the threshold for a higher property tax band. This change will affect homes valued at more than £2 million. Currently, this higher band applies to dwellings worth over £3 million. The new rule will bring an estimated 100,000 additional properties into the scope of the tax. The change will disproportionately impact homeowners in London and the South East of England. These regions contain the highest concentration of properties in this price range. This measure is often referred to as a "mansion tax" by its critics. The government intends for it to generate additional revenue from high-value residential property.