The average Stamp Duty payable on a £1m-plus property will soar by an extra £17,112 in April to £85,561.
Last year, Stamp Duty paid on £1m-plus houses brought in a total of £452m to the Treasury. This figure is set to rise to £565m – an extra £113m.
According to Zoopla, last year there were 6,610 property transactions at over £1m with an average sale price of £1.71m.
But Zoopla says that its analysis shows that as much as being a wealth tax, the increase in stamp duty at the £1m threshold is a regional tax, since 85% of the total Stamp Duty paid on £1m-plus properties last year came from transactions in London and the South-East.
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