Overview
- VOA chief Jonathan Russell told MPs his team will review properties with indicative values around £1.5 million to ensure none that qualify are missed.
- The surcharge applies from April 2028 to English homes valued above £2 million, with four bands ranging from £2,500 to £7,500 a year.
- Officials expect 150,000 to 200,000 properties to be covered by the exercise, which will rely on sales data, aerial imagery and planning records rather than widespread site visits.
- Exemptions and the appeals process have not yet been set, with consultations expected in the coming months.
- The OBR forecasts roughly £400 million a year in revenue by 2029–30, while Conservatives criticised the plan as a 'family homes tax'.