The government is evaluating a new national property tax as a strategy to replace stamp duty on homes worth more than 500,000. Homeowners selling such properties would be responsible for this tax, shifting the financial burden from buyers. This change is particularly significant in regions with high property values, like London and the south-east. Additionally, officials are considering the potential replacement of council tax with a local property tax, but this reform is projected to be long-term and contingent on future political outcomes, especially a second Labour term in 2029.
The government is considering a new national property tax to replace stamp duty on homes valued over 500,000, shifting tax obligations from buyers to sellers.
A potential overhaul of council tax could follow the introduction of the national property tax, but would likely require a Labour victory in the 2029 elections.
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