The Office for Budget Responsibility has confirmed that the chancellor will introduce a mansion tax as part of the Budget, in the form of a high-value council tax surcharge applied to properties worth more than £2m.
The measure, which will be introduced by Rachel Reeves later today, is expected to raise £0.4bn, according to the OBR’s analysis. The revenues will go to the Government not loacal authorities.
The confirmation follows the accidental early publication of the OBR’s Budget report, which is normally released only after the Chancellor’s statement has concluded.
