The national tax would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home

Chancellor Rachel Reeves is considering replacing stamp duty with a new national property tax on homes above £500,000, according to fresh reports.

Senior ministers in the Treasury have been asked to study how a new “proportional” levy could be implemented and to model its impact ahead of potential tax changes in the Autumn Budget, The Guardian has revealed.

Officials are initially examining a national property tax, which would replace stamp duty on owner-occupied homes, sources said.

The tax would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home, impacting around a fifth of the market.

Stamp duty, which is paid in bands tied to prope

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