Reform UK members, including Nigel Farage, who have been critical of the mansion tax, may themselves be impacted by the new property duty, according to recent findings. Despite objections raised by party figures like Richard Tice against the tax, it has come to light that some MPs and the party’s treasurer own multi-million pound properties that could fall under the tax bracket.
Tice, who denounced the mansion tax as detrimental to the economy, conveniently omitted disclosing his ownership of a £4 million property in Buckinghamshire. Although he claimed no financial interest in the property, stating it was part of a divorce settlement, official records identify him as a co-owner.
Farage, confident in his party’s popularity, downplayed the impact of the duty, suggesting it would not affect many individuals but acknowledging potential distress for widows in London. Meanwhile, another Reform UK MP, Danny Kruger, is facing potential charges due to co-owning a London property now exceeding £2 million in value. Similarly, the party’s treasurer, Nick Candy, who made a significant donation to Reform UK, is also in line to pay the mansion tax for his high-value property holdings.
Chancellor Reeves’ new property tax targets homes valued over £2 million and is set to impose an annual charge starting in 2028. Reeves emphasized the aim to address wealth inequality, with properties over £5 million facing a higher surcharge. The tax is expected to impact less than the top 1% of properties, generating significant revenue by 2031.
Critics from the Labour Party have accused Farage of favoring foreign billionaires over a fairer tax system, highlighting his detachment from the concerns of working-class citizens. Tice clarified his personal situation regarding property ownership and financial interests, citing concerns about the housing market and economic growth projections.
Kruger declined to comment on the matter, while Reform UK and Candy’s representative were reached out to for further input.