Reeves Hits UK Property With Annual Tax on £2 Million Homes

The UK will impose a tax on homes valued at more than £2 million ($2.6 million), the latest blow to the country’s already struggling housing market.

The measure, which will come into force in April 2028, will introduce a surcharge for the most expensive homes starting at £2,500 a year and rising to as much as £7,500, Chancellor of the Exchequer Rachel Reeves announced as part of the budget on Wednesday.