Overview
- The Times reports the chancellor has abandoned a headline rise in income tax rates and is expected to extend the freeze on income tax thresholds to 2030, a move estimated to raise about £8 billion a year.
- Multiple outlets say the Treasury is considering revaluing roughly 2.4 million properties in bands F–H and applying a separate council tax surcharge to about 300,000 of the most valuable homes, with revenue reported at around £600 million.
- Coverage indicates the property levy would primarily affect London and the South East, with some reports suggesting implementation only after Valuation Office reassessments later in the decade.
- The Institute for Fiscal Studies warns the threshold freeze would pull roughly 10 million people into higher‑rate tax through fiscal drag, while gilt yields briefly rose as markets assessed the shift toward smaller taxes.
- Separately, the IPPR proposes a 100% rise for band H and 50% for bands F and G plus lifting the foreign‑buyer surcharge to 6%, arguing the plan could raise about £3.9–4.0 billion and cut bills for most households.