Reeves is said to be looking to plug her black hole with a mansion tax: a 1% annual levy on all properties worth over £2 million. She did say she was going after the wealthy…
This is a problem for a few members of the Cabinet but one of the worst hit would be Liz Kendall, who lives with her partner James Ind in a Victorian Notting Hill property bought three years ago for £3.9 million. Its value will no doubt have risen in line with London properties since then…
Reeves is unlikely to impose a mansion tax retroactively or this year due to issues with the valuation process, which means 2028/29 is the likeliest year of imposition. At its bought value Kendall’s home would incur an annual liability of £19,000…
The real liability is likely to be higher. Rest assured if the mansion tax doesn’t come in we have the Technology Secretary to thank…
