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Mansion Tax Sparks Baby Boomer Backlash

  • Writer: Sarah Ruivivar
    Sarah Ruivivar
  • 4 days ago
  • 1 min read
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The recently announced Mansion Tax has stirred quite the pot among Baby Boomers, with a hefty 21% of them deeming it downright unfair.


Chancellor Rachel Reeves' proposal could see homeowners of £2m+ properties forking out up to £7,500 annually from April 2028. Ouch!


According to a poll by lender Together, it's not just the Boomers feeling the pinch. Folks in Bristol, London, and Plymouth are also crying foul. Ryan Etchells from Together points out that many older homeowners bought their homes as family nests, not investment gold mines. Now, these "empty nesters" might face a financial squeeze, especially since this tax could gobble up an entire year's state pension!


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The property industry is on high alert, with lenders needing to consider this new tax in mortgage assessments for high-value homes, particularly in London and the South. As the government gears up for implementation, the question remains: is this Mansion Tax a fair shake or a financial burden for the Boomers? Only time will tell!


Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here



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