Council tax and stamp duty could be radically overhauled at the autumn budget according to reports this morning
The Guardian claims that senior ministers have asked officials to study how a new “proportional” property tax could replace stamp duty on owner-occupied homes on sales over £500,000.
They also report that a separate local property tax could replace council tax to help repair local council finances.
The proposals would mean that houses purchasers would rather than paying stamp duty (which ranges from 2 per cent on the purchase price between £125,000 and £250,000, through to 12 per cent on the portion of the price above £1.5 million) anyone buying a home worth more than £500,000 would face an annual tax on the property
