Overview
- The surcharge begins in April 2028 for homes valued above £2 million, with four bands charging from £2,500 up to £7,500 for £5 million-plus properties.
- The Valuation Office Agency will run a targeted 2026 valuation, separate from existing 1991 council tax bands, with revaluations every five years.
- Charges will rise with CPI from 2029–30, and central government will fully fund councils’ administrative costs.
- Social housing is excluded from the policy, with media analysis reporting more than 110 such homes worth over £2 million across England.
- Critics including Conservatives, the Taxpayers’ Alliance and the LGA question fairness and delivery, and experts quoted by The Times warn desktop valuations could overvalue properties and prompt appeals.