Higher value homeowners could soon find a valuation agent on the doorstep. Reports suggest HMRC is preparing to send inspectors out in person to check which properties meet the £2m mark for the incoming mansion tax. As your local estate agent, here is what we know so far.
From April 2028, homes valued at £2m or above in England will fall under the new High Value Council Tax Surcharge. Declining to let an inspector in reportedly carries real consequences too, with owners potentially facing a criminal charge and a fine of up to £200. Visits are expected to go beyond a simple valuation, with agents noting details like room counts, floor levels and the number of bedrooms and bathrooms.
The surcharge itself starts at £2,500 annually, climbing higher for properties above £2.5m, £3.5m and £5m. Zoopla figures put the number of English homes already at or past the £2m mark at around 183,000, with a further 75,000 sitting just under it.
Ministers have indicated several valuation approaches could be used, though the proposal has not gone unchallenged, the Conservatives have described the home visit plans as an overreach into people’s private lives.
At Drivers & Norris, we make it our business to stay ahead of changes like this, so owners of higher value homes get advice grounded in what is actually happening, not outdated assumptions. Want to know how this could affect your property? Get in touch with the team.
Source: Estate Agent Today
— Drivers & Norris