Brief
London MPs expect Chancellor to drop £1.5m mansion‑tax threshold
Labour insiders say the chancellor will not lower the mansion‑tax threshold to £1.5 million, a move that would affect most London homes.
By Felo News Desk · Published
London Labour sources told the Standard that the chancellor is expected to keep the mansion‑tax threshold above £1.5 million, after pressure from MPs who warned the measure would hit almost all family homes in Zones One to Three.
The analysis by estate agency Hamptons shows that lowering the threshold would add roughly 62,000 London households to the levy, creating an extra £154 million bill for the capital and a total of 144,104 homes facing the tax nationwide, costing about £624 million.
In the most affected constituency, Kensington and Bayswater, an additional 3,000 households would be drawn into the tax, while Hampstead and Highgate would see the second‑largest impact.
Green Party leader Zack Polanski, standing in north London, opposed the move and called for a broader wealth tax on the richest Britons.
Key facts
- Labour sources say the chancellor will not lower the mansion‑tax threshold to £1.5 million (standard.co.uk)
- Lowering the threshold would affect about 62,000 more London homes (standard.co.uk)
- The extra bill for Londoners would total roughly £154 million (standard.co.uk)
- Overall, 144,104 homes would be charged, amounting to £624 million (standard.co.uk)
- Green Party leader Zack Polanski opposes the mansion tax and prefers a wealth tax (standard.co.uk)
Sources
- [1] standard.co.uk — originally reported as “Chancellor 'will rule out £1. 5m mansion tax that makes no sense in London'”
