Rachel Reeves is considering a new tax on the sale of homes worth more than £500,000. In a Labour Party government shake-up of stamp duty and council tax, ministers have tasked officials to study how a new “proportional” property tax could be implemented.

A new national property tax would replace stamp duty on owner-occupied homes, sources said. The government is also exploring whether a local property tax could then replace council tax in the medium term.

The national tax would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home, the Guardian reports. The amount paid would be determined by the value of the property, with the rate set by central government.

READ MORE HMRC update over 'spying' on UK households with more than 350 disciplined

Stamp

See Full Page