The charge, officially known as the High Value Council Tax Surcharge (HVCTS), will be introduced across England from 2028 for properties valued at over £2m.
The new levy is set to be charged on property owners rather than occupiers and will be collected by local authorities on behalf of local government, with the revenue gained set to be used to support local services.
The government said it will be consulting on the implementation of HVCTS in the new year.
During today’s Budget announcement to parliament, Rachel Reeves said: “This new surcharge will raise over £400m by 2031 and will be charged on less than the top 1% of properties.”
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