A radical plan to scrap council tax and stamp duty in
favour of a new levy based on the value of people’s homes is being urged by the
IPPR think tank – as part of a five-point programme to overhaul taxation of
wealth. Under the plan, all homeowners would pay annual property taxes
proportionate to the present-day market price of their homes. The report
recommends the new property tax set at 0.5% to raise at least as much as
current council taxes. A higher rate would be needed in order to replace the
revenue currently raised from stamp duty land tax, paid by anyone buying a
home. Read more on 24housing.
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Exclusive: Isabella Weber prescribes a common-sense solution to poverty,
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