Khaberni - The "Telegraph" reported that British Treasury Minister, Rachel Reeves, will impose a new tax on high-value homes in her upcoming annual budget.
Reeves is expected to need to collect tens of billions of pounds to ensure her financial goals are met in the budget, which will be announced on November 26.
A "Telegraph" report, published late Friday, followed an increase in the UK government's borrowing costs after reports that Reeves, in a major policy reversal, no longer plans to increase income tax in her budget due to improved financial forecasts.
According to the "Telegraph", hundreds of thousands of high-value homes, mostly in London and the southeast, will be affected by the new tax.
A spokesperson for the Treasury said the ministry "will not comment on speculation about tax changes except in the context of financial events."
The newspaper reported that the government plans to use the current council tax system to reassess 2.4 million properties in the highest value categories F, G, and H over the coming years. It added that afterwards, new separate additional charges will be added to the existing council tax bills for 300,000 of the most valuable properties within these categories.
