Proposed Property Tax Targets Homes Worth £1.5 Million and Above

Under the proposed plans, higher-rate taxpayers would face a 24% tax on any increase in their property’s value, while basic-rate taxpayers would be charged 18%. The levy would apply to properties valued at £1.5 million and above.

Harps Garcha, Director at Slough-based Brooklyns Financial, said people in London and the South East would be hit particularly hard: "The government’s plan will have a massive impact on London and the South East, where many middle-class families have sacrificed themselves for years to build wealth through their homes."

"These homeowners expected to rely on that equity in retirement by downsizing, yet they now face being taxed twice, first through Stamp Duty and then Capital Gains. Rather than rewarding prudence, this policy punishes those who have worked hard and planned responsibly for their future."

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