High Value Council Tax Surcharge
A High Value Council Tax Surcharge (HVCTS) is to be introduced in England for residential properties worth £2 million or more, from April 2028. This charge will be based on updated valuations to identify properties above the threshold and will be in addition to the existing Council Tax liability for those properties.
It is expected that fewer than 1% of properties will be in the scope of HVCTS. New charges start at £2,500 per year, rising to £7,500 per year for properties valued above £5 million. This will be levied on property owners rather than occupiers.
Changes to ISA
The ISA annual allowance remains at £20,000. This is changing so that the maximum you can put into a cash ISA each tax year will be cut to £12,000, with the remaining £8,000 allowance restricted to stocks and shares. The change will come into effect from April 2027.
For individuals over the age of 65, they will retain the full £20,000 cash ISA allowance. The changes are designed to encourage more people to invest in the stock market to help boost the economy.
The changes do not affect money already held in existing cash ISAs, only new contributions after the rules come into force.
