Call To Scrap Council Tax And Stamp Duty For Annual Property Tax

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.

https://www.24housing.co.uk/news/call-to-scrap-council-tax-and-stamp-duty-for-annual-property-tax/