The two-point rise in tax on property and savings income would take the rates to 24% for basic rate, 44% for higher rate and 49% for additional rate taxpayers from April 2027, according to City AM, the Telegraph and MoneyWeek. The Treasury has not confirmed those rates.
City AM reports that the rise comes on top of a two-point increase legislated by Rachel Reeves last year, making four points in all.
The Treasury says the measure affects 16% of income tax payers, with half the revenue coming from the top 10% of households, City AM reports. Those figures have not been independently checked.
The OBR warns that the measures risk a steady rise in rents, Property118 reports.
Landlords' groups have condemned the rise. City AM quotes Ben Beadle, chief executive of the National Residential Landlords Association, who said it:
"has today made life harder for renters right across the country"