The Treasury is evaluating a new tax targeting homes valued over 500,000 as part of reforms to both stamp duty and council tax. Officials are exploring the concept of a national property tax to replace stamp duty for owner-occupied homes, with a potential local property tax to succeed council tax. This initiative aims to address the disproportionate impact of escalating house prices and the unfairness of current council tax valuations. The proposed taxes are seen as a way to generate revenue without burdening working individuals, appealing to Labour's agenda.
The Treasury is contemplating a new tax on homes valued over 500,000 as part of a significant reform to stamp duty and council tax.
Senior ministers have instructed officials to evaluate the implementation of a new proportional property tax, focusing on a potential national property tax.
The proposed national tax would replace stamp duty on owner-occupied homes, while a local property tax could succeed council tax to improve local authority finances.
The plans seek to address the inequities of rising house prices and the outdated council tax values from the early 1990s, amid growing calls for wealth-based taxes.
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