Barbara Farris \u2013 who believes her four-bedroom home in Hertfordshire is worth over \u00a32m \u2013 is angry that she faces a \u00a32,500 annual bill from the new surcharge<\/a>.<\/p>\n The 69-year-old, who lives on a modest pension, said Labour\u2019s levy on property wealth<\/a> was \u201cincredibly unfair on all of us who don\u2019t have a big income\u201d.<\/p>\n New FeatureIn ShortQuick Stories. Same trusted journalism.<\/p>\n Farris, who is determined to try to stay in her bungalow if she can, said: \u201cI was certainly hoping to stay in my home for the decade ahead.<\/p>\n \u201cBut it\u2019s going to cost me \u00a325,000 over the next 10 years \u2013 it\u2019s a huge amount,\u201d she added.<\/p>\n \u201cIt would make things more difficult, financially, because the cost of living makes things hard. I might not starve, but it would mean cutting back on everything.\u201d<\/p>\n \u2018I don\u2019t see why I should be pushed out of my home\u2019<\/p>\n Chancellor Rachel Reeves announced the mansion tax \u2013 a high-value council tax surcharge \u2013 at the recent Budget. She said the move would help deal with \u201cwealth inequality\u201d.<\/p>\n The policy will see properties in England valued at more than \u00a32m hit with an extra \u00a32,500 annual charge \u2013 rising to \u00a37,500 for homes worth over \u00a35m.<\/p>\n Farris, who previously worked in TV advertising and recruitment, has been living on her own in Hertfordshire since her husband Stephen died 11 years ago.<\/p>\n She said the couple were able to afford the home in 1998 because of the compensation her husband received after an accident left him paralysed.<\/p>\n \u201cWe all get attached to our homes, and the places we live,\u201d said Farris. \u201cTheoretically we could all downsize and live in one room, but it\u2019s not how we choose to live.\u201d<\/p>\n She added: \u201cI don\u2019t see why I should be pushed out of my home, in the area and community where I feel I belong, with friends and family nearby. Why should I lose that?\u201d<\/p>\n Deferring payments may not work for everyone<\/p>\n The Government will consult next year on a deferral mechanism for the mansion tax, aimed at allowing cash-poor pensioners to delay paying it until their house is sold.<\/p>\n It could potentially see some older people selling up, or passing on a huge tax bill to their children when they die.<\/p>\n But Farris is not sure how any deferral will apply to her. \u201cBecause I don\u2019t have children, I will be leaving the house to charity.<\/p>\n \u201cDoes that mean I could be leaving the tens of thousands of pounds of debt to charity? It does not make any sense at all.\u201d<\/p>\n She added: \u201cI voted Labour. But what they are doing is so divisive. They are pitting the poor against the rich, stoking resentment so people have this idea of rich people sitting in mansions.\u201d<\/p>\n Tax will impact people on \u2018fairly average incomes\u2019<\/p>\n David Fell, the lead analyst at Hamptons estate agents, told The i Paper that around two-thirds of the homes that are likely to be hit by the mansion tax were originally bought for less than \u00a32m.<\/p>\n \u201cOften, these are pensioners who bought what was a fairly modest family home in the right London neighbourhood a couple of generations ago and have since seen its value soar.\u201d<\/p>\n The new levy is also likely to drag in some pensioners living in homes across the South East \u201cwhich were bought by those with fairly average incomes in the 1970s and 1980s\u201d, he added. Some may be living on \u201cmodest means\u201d, Fell said.<\/p>\n The Institute for Fiscal Studies (IFS) said the design of the council tax reform was a \u201ccomplicated bolt-on\u201d at the very top of end of the property market that \u201cleaves much to be desired\u201d.<\/p>\n![\"FILE](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/12\/SEI_276378103_9c3ebe.jpg\")
Rachel Reeves outlined new tax on the property rich at the Budget (Photo: Isabel Infantes\/Reuters) <\/p>\n![\"Woman](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/12\/SEI_254078204.jpg\")
Mansion tax will shake up top end of the housing market, experts have warned (Photo: Mike Kemp\/In Pictures)<\/p>\n
![\"Article](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/12\/SEI_277179209-e1765117546688.jpg\")
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