Business
Properties worth more than £2m in England face new tax
Michael Sheils McNameeBusiness reporter
Getty ImagesOwners of tens of thousands of properties in England valued at more than £2m are set to be hit with a surcharge of at least £2,500 from 2028, in what has been dubbed a mansion tax.
The annual charge will come on top of existing council tax, and will increase depending on the price of a property – with four separate bands.
The lowest band covers properties valued between £2m and £2.5m, while the highest charge of £7,500 will fall on homes valued at £5m or more. The majority of the properties affected are in London.
The Office for Budget Responsibility (OBR) expects the measure to raise about £400m a year by 2029-2030.
The High Value Council Tax Surcharge on properties valued at more than £2m is part of a range of tax rises included in Chancellor Rachel Reeves’s Budget to allow her to meet her own self-imposed financial rules.
Announcing the change, the chancellor said she was taking “further steps to deal with a longstanding source of wealth inequality in our country”.
However, the change was criticised by the Institute for Fiscal Studies (IFS) think tank for not going far enough.
The IFS has said previously that a revaluation of council tax bands is “long overdue”.
Responding to the Budget, the IFS said: “There’s a reasonable case for levying more high-value homes, but the design of this tax leaves much to be desired.”
The Treasury says it expects the measure to apply to fewer than 1% of properties in England.
Reacting to the announcement, estate agent Savills said it was “probably the least worst outcome for owners of prime property”.
It said the impact on the housing market would be “much less severe” than if an “open-ended mansion tax” had been introduced.
Savills said certainty over the issue was now likely to prompt an uptick in the housing market, and over the longer term act as an incentive for older home owners to downsize.
The Local Government Association urged the government to work with regional councils to address “practical concerns about how it would work”.
Cllr Pete Marland, the chair of the association’s resources committee, said any additional funding raised through council tax should be given to local authorities, adding that “we wait to see how government intends to use this funding to specifically support local services.”
“Council tax needs comprehensive, fair reform and local government is ready to work with government on this,” he said.
“This surcharge should not create confusion over accountability, with councils likely to be blamed for a charge that is not theirs.”
The council tax surcharge bands
- Properties valued from £2m to £2.5m will pay £2,500
- Properties valued from £2.5m to £3.5m will pay £3,500
- Properties valued from £3.5m to £5m will pay £5,000
- Properties valued at more than £5m will pay £7,500
While the charge is imposed on top of existing council tax, the money will go to the Treasury rather than the local authority.
In its assessment of the tax, the OBR said it expected the tax would begin to be reflected in the price of properties, with “price bunching to just below each band boundary”.
This refers to the incentive to value a property just below the price at which it would become liable for the charge – something which “reduces the estimated yield by reducing the number of properties in scope of the measure”.
The band at which properties will become liable for the charge will increase in line with inflation.
In its assessment, the OBR said the costings for the new surcharge had a “high” degree of uncertainty.
The government will now hold a consultation on what reliefs and exemptions will be put in place – including for things like people who have to live in a high-value property as a result of their job.
Properties will be assessed based on 2026 valuations provided by the government’s Valuations Office Agency.
While council tax bands are not going to change, the government will look at properties in the three highest bands of F, G, and H to see if they are valued above £2m.
There have been calls for a full reform of the council tax system as it is currently based on the values of properties in 1991.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Gold price today: How much 22K, 24K gold cost in Delhi, Patna & other cities – Check rates – The Times of India
Gold prices climbed to a fresh lifetime high in the domestic market on Thursday amid sustained buying by jewellers and stockists, according to the All India Sarafa Association.Gold advanced by Rs 800 to hit a new peak of Rs 1,47,300 per 10 grams (inclusive of all taxes), extending gains for the fifth consecutive session. The yellow metal had closed at Rs 1,46,500 per 10 grams in the previous session.Since the start of 2026, gold prices have surged Rs 9,600, or around 7 per cent, supported by persistent demand in the physical market. In overseas trade, spot gold slipped USD 12.22, or 0.26 per cent, to USD 4,614.45 per ounce, after having touched a record high of USD 4,643.06 per ounce in the previous session.Here is how much gold costs in major Indian cities today:
Gold price in Delhi today
The price of 22K gold in Delhi is Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Chennai today
In Chennai, 22K gold costs Rs 13,290 per gram, up Rs 10, while 24K gold is priced at Rs 14,498 per gram, higher by Rs 10.
Gold price in Mumbai today
Mumbai markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Ahmedabad today
In Ahmedabad, 22K gold is priced at Rs 13,130 per gram, down Rs 75, while 24K gold costs Rs 14,323 per gram, lower by Rs 82.
Gold price in Kolkata today
Kolkata markets price 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Jaipur today
In Jaipur, 22K gold costs Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Hyderabad today
Hyderabad sees 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold is priced at Rs 14,318 per gram, lower by Rs 82.
Gold price in Bhubaneswar today
Bhubaneswar markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold costs Rs 14,318 per gram, lower by Rs 82.
Gold price in Patna today
In Patna, 22K gold costs Rs 13,130 per gram, down Rs 75, while 24K gold is priced at Rs 14,323 per gram, lower by Rs 82.
Gold price in Lucknow today
Lucknow markets see 22K gold priced at Rs 13,140 per gram, down Rs 75, while 24K gold costs Rs 14,333 per gram, lower by Rs 82.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
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