Overview
- VOA chief Jonathan Russell told MPs that an estimated 150,000 to 200,000 homes will be reassessed, with properties previously valued up to £5m also rechecked.
- The reassessment will rely on property-attribute data and an automated valuation model using recent sales, aerial mapping and planning records, a system piloted in Wales.
- The surcharge takes effect in 2028 in four bands, adding £2,500 a year for homes just over £2m up to £7,500 for properties worth £5m or more, with the OBR forecasting about £400m a year by 2029–30.
- Consultations on exemptions and appeals will run in the coming months, and the VOA is scheduled to move into HMRC in April 2026.
- Separately, Scotland announced two new top council tax bands for homes over £1m that will begin in April 2028 after updated valuations.