Nigel Farage's Reform UK MPs could be hit by the new mansion tax, despite the party leader's vocal criticism of the policy. The tax, announced by Chancellor Rachel Reeves in the Budget, applies to homes worth over £2 million and will cost owners at least £2,500 annually from 2028.
Deputy leader Richard Tice, who previously claimed the tax would “break the whole economy,” is the registered joint owner of a £4 million property in Buckinghamshire. Tice said he has “no financial interest at all in it” as it was transferred to his ex-wife in a divorce settlement, though he continues to pay the mortgage.
MP Danny Kruger, who defected from the Conservatives in September, co-owns a London house purchased for £1.9 million in 2011, now likely worth over £2 million. He posted a video criticising the Budget for taxing property owners. Reform UK's treasurer Nick Candy also faces the levy, with his portfolio including a Grade II-listed manor in Oxfordshire bought for £8.5 million in 2021.
Farage had called the mansion tax “nothing more than petty jealousy and based on bad economics” in 2012, and warned it would distress widows. The tax is expected to raise over £400 million by 2031, affecting less than 1% of properties in England.
A Labour source said: “Given Nigel Farage’s economic plans are a golden giveaway for foreign billionaires it will come as no surprise he opposes making the tax system fairer.”
