The Telegraph have written a lead article on the ter­ri­fy­ing cost of own­ing a home in Labour’s Bri­tain

It can be seen here, and in summary says that as Chancellor Rachel Reeves laid the groundwork for a new “mansion tax”, she framed it around a familiar message: that the wealthy should “pay their fair share”. From April 2028, homes valued above £2 million will face a new annual council tax surcharge of £2,500, rising to £7,500 for properties worth £5 million or more.

Despite the branding, this is not simply an adjustment to council tax. The revenue will flow directly to the Treasury, making it, in effect, a new wealth tax on property ownership.

What the policy narrative overlooks is the extent to which high-value homeowners already contribute. Analysis shows that over a typical 30-year ownership period, a buyer of a £2 million home can expect to pay close to £2 million again in tax. This includes stamp duty, council tax, VAT on repairs and improvements, and ultimately inheritance tax.

Stamp duty alone on a £2 million purchase now stands at £154,000, with the tax system heavily skewed towards higher-value transactions. Council tax, though often criticised for being outdated, can still total more than £300,000 over three decades for top-band properties as annual rises compound.

Ongoing VAT adds further cost. Home maintenance and improvement works are charged at 20 per cent VAT, with rising construction costs significantly increasing the lifetime tax bill. For many owners, hundreds of thousands of pounds spent on bringing homes up to standard already generate substantial VAT receipts.

Finally, inheritance tax represents the largest single charge. On current thresholds, a £2 million home could attract an inheritance tax bill exceeding £1 million by the time it is passed on.

The concern raised by critics is not that wealthy homeowners should pay nothing, but that there is no clear endpoint. The proposed mansion tax adds another permanent layer to an already concentrated and growing property tax burden — reinforcing the sense that “paying your fair share” has no defined limit.