While the UK government has decided to freeze income taxes for an additional three years until the end of the 2030/2031 fiscal year, Simon Gammon, managing director at real estate firm Knight Frank, stated in an interview with “Al Arabiya Business” that the newly announced tax on high-value properties—commonly referred to as the “mansion tax”—is primarily a political maneuver rather than an economic strategy. n nGammon explained that the impact of this measure will be minimal, as many property owners are likely to have already devised alternative plans ahead of the 2028 implementation date. He noted that the policy may influence transactions involving homes valued above GBP 2 million, potentially affecting market dynamics in the luxury segment. n nUK Chancellor Rachel Reeves presented the autumn budget to Parliament, following an early and erroneous release of economic forecasts by the Office for Budget Responsibility (OBR), which disrupted financial markets and diminished the element of surprise in her speech. n nThe budget confirmed no changes to income tax brackets over the next three years but introduced levies on properties exceeding GBP 2 million. Additionally, dividend tax rates were increased by two percentage points. n nMeasures were also taken to mitigate inflation’s impact on lower-income groups, including extending child benefits to all children in a household—removing the previous two-child limit—and freezing rail transport fares. n n— news from العربية
