The UK Treasury is contemplating a new proportional property tax on homes valued over 500,000, potentially replacing stamp duty and altering the council tax system. Chancellor Rachel Reeves has tasked officials with calculating how this new tax could be implemented, following a report from the centre-right think tank Onward. This taxation overhaul is intended to address financial struggles faced by local authorities and ensure that quality journalism remains accessible by avoiding paywalls, thereby supporting informed citizenship across the political spectrum.
The plans for a new proportional property tax would significantly change the UK tax landscape by replacing stamp duty with a national property tax on owner-occupied homes.
Chancellor Rachel Reeves is urging officials to calculate the implementation of a proportional property tax as part of a broader overhaul of the UK's tax system.
The Treasury is reportedly considering a major change that would include a new tax on homes worth over 500,000, potentially impacting council taxation.
This new tax structure aims to alleviate local authority finance issues and reflects findings from the centre-right think tank Onward's recent report.
Collection
[
|
...
]