THOUSANDS OF HOMEOWNERS IN RICHMOND TO BE HIT BY ‘MANSION’ TAX
An estimated 5700 high-value homeowners in Richmond borough face a council tax surcharge because their homes are worth over £2million following the Budget.
Online research indicates that the number of homes in the borough worth over £2million ranges between 2500 and 6000 although there is no official confirmation.
Released yesterday by the Chancellor, Rachel Reeves the package introduces a High Value Council Tax Surcharge on properties worth over £2 million.
Richmond Council has highlighted the potential impact on local families, particularly older residents in large homes who may be asset-rich but cash-poor.
“This Budget underscores the pressures residents continue to face,” said Councillor Gareth Roberts, Leader of Richmond Council.
“Rising living costs, inflation, and now this new tax measure mean that many households will feel the squeeze. Our focus remains on supporting residents fairly, ensuring those most at risk are protected.”
The surcharge, set for April 2028, could affect around 5,700 homes in Richmond – nearly 7% of the borough – generating an estimated £20.1 million.
Councillor Jim Millard, Lead Member for Finance, added: “The government is calling this a ‘council tax surcharge,’ but let’s be clear: we are simply collecting it, and the extra revenue raised will benefit central government, not the Council.
“Households across the country – including here in Richmond upon Thames – are facing economic strain.
“We will be working closely with Government to prepare well in advance.
”Transparency and fairness will be our priority, so that residents understand the charge and the support available.”
The Budget’s wider measures – from frozen income tax thresholds to levies on savings and pensions – underscore the pressures facing households nationwide.
Richmond Council says it will continue to monitor developments closely and keep residents informed as details of reliefs, exemptions, and support schemes emerge.