Exclusive from @benclatworthy Labour is considering plans to extend the mansion tax to properties worth more than £1.5 million in the Budget in a move that would hit nearly 300,000 homes The government originally announced an extra levy worth between £2,500 and £7,500 a year on properties worth more than £2 million at the budget last November. It was expected to hit about 134,000 homes John Healey, the chancellor, is now considering extending the levy to properties worth more than £1.5 million, which would mean the number of properties caught by the tax would more than double to 271,000 homes based on current values Two government sources told The Times that lowering the threshold was a “live discussion” in the Treasury as Healey tries to find about £10 billion to balance the books in the budget on October 28. Experts have suggested that the proposal could raise £800 million a year A Whitehall source said it would signal a more “aggressive” approach to taxing wealth in a move that would appeal to backbenchers while raising additional revenues “This is seen as the most viable option because the Valuation Office is already doing the work to identify the homes worth more than £2 million, so it isn’t a massive change to capture those over £1.5 million,” they said A second government source confirmed the discussions but said there were concerns that the change would hit more modest properties in London and affect people who are not wealthy. They emphasised that no decisions have been taken The government will not push ahead with plans to overhaul stamp duty and council tax that were championed by Andy Burnham because they would take years to implement and involve a huge revaluation exercise thetimes.com/article/9e82024…