Homes worth £1.5m will avoid being hit with Labour’s new mansion tax after John Healey is said to have rejected proposals to lower the threshold in his upcoming budget.
The tax was announced by Rachel Reeves last year, with homes in England valued at £2m and above set to be hit with an annual levy which will start at £2,500 on properties just over £2m and rise to £7,500 for homes worth more than £5m.
