Downing Street refuses to rule out farms being included in mansion tax
- The government has not ruled out applying its new mansion tax to farms, despite concerns from the agricultural sector.
- The mansion tax will apply to properties valued at over £2m and is set to be implemented from 2028.
- A spokesperson for the Prime Minister indicated that details regarding the tax's scope would emerge from an upcoming consultation.
- This follows previous controversy last year when the government announced a 20 per cent inheritance tax on farms worth more than £1m.
- Analysis by the IFS suggests that nearly a quarter of properties affected by the mansion tax will be concentrated in just three London boroughs: Kensington and Chelsea, Camden, and Westminster.